New Delhi, Oct 4 (KNN) Union Cabinet chaired by Prime Minister Narendra Modi has approved the signing of a Memorandum of Understanding (MoU) between National Small Industries Corporation Ltd. (NSIC) of India and Russian Small and Medium Business Corporation (RSMB).

NSIC is a Public Sector Undertaking of the Ministry of Micro, Small and Medium Enterprises (MSME) of India and India and Russia both will sign the memorandum to promote cooperation in MSME during the upcoming visit of the Russian President Vladimir Putin to India.

The MoU will provide a structured and enabling environment to the MSME sector of the two countries for understanding each other's strengths, markets, technologies, policies etc.

It also covers cooperation in the field of capacity building, rapid incubation for entrepreneurship development and exposure to each other's market by encouraging participation in exhibitions

This will not only promote bilateral cooperation between the two nations but will also bring forward new opportunities for Indian MSME sector by means of joints ventures, new markets and sharing of best practices and technology collaborations among other things.

Russian President Vladimir Putin, will pay a two-day official visit to New Delhi on October 4 and 5 for the 19th India-Russia annual bilateral summit. During the same period, the Russian Export Centre (REC) will also organize a large-scale business mission featuring Russian companies in India.