India, Papua New Guinea Strengthen MSME Ties With NSIC–SME Corp MoU

Mumbai, Apr 25 (KNN) National Small Industries Corporation (NSIC) and SME Corporation Papua New Guinea have signed a Memorandum of Understanding (MoU) to strengthen cooperation in the micro, small and medium enterprises (MSME) sector, marking a significant step in enhancing bilateral economic ties.

The agreement was formalised this week in Mumbai in the presence of senior officials from both countries, including Dr. Subhransu Sekhar Acharya, CMD, NSIC and Petrus Ralda, Managing Director of SME Corporation, Papua New Guinea who signed and exchanged the MoU.

Focus on technology, skilling and trade

The partnership aims to promote structured collaboration across key areas such as technology development, skill enhancement, business incubation, innovation ecosystems and cross-border trade facilitation.

Officials said the agreement is designed to translate strategic intent into actionable initiatives that directly benefit MSMEs in both countries.

The MoU is expected to enable knowledge exchange, capacity building, and joint initiatives between institutions, helping strengthen the MSME ecosystem in both nations.

Boost to bilateral economic ties

The agreement underscores India’s broader strategy of fostering international partnerships in the MSME sector to promote inclusive growth, innovation and global trade linkages.

By deepening cooperation with Papua New Guinea, the initiative is likely to open new avenues for Indian MSMEs while supporting enterprise development and industrial collaboration in the Pacific region.

(KNN Bureau)