New Delhi, Mar 15 (KNN) Micro, small and medium enterprises (MSMEs) of Madhya Pradesh will see extensive growth owing to the Free Trade Agreement (FTA) signed recently between India and United Arab Emirates (UAE), said officials of Associated Chambers of Commerce and Industry (ASSOCHAM).

The agreement is enhancing agri products, textile and food processing exports from MSMEs of Madhya Pradesh.

Saud Salim Al Mazrouei, Director, Sharjah Airport International Free Zone (SAIF), Government of Sharjah said they are improving infrastructure to suit requirements of industries and hoping to attract investments from MP which is known as the hub for MSMEs.

Mapping the growth for MSMEMs of Madhya Pradesh, Akhilesh Rathi, Vice President, ASSOCHAM said, “The free trade agreement is a great advantage for Industries of Madhya Pradesh involved in exports of textile and food processing products.”

The trade pact is expected to help small businesses to enlarge their reach to the other countries and benefit upcoming sectors such as fintech, edtech and others.

Trade relations between India and UAE are expected to grow even further after this agreement.

“Government of India’s Make in India and Aatma Nirbhar Bharat initiatives of supporting MSMEs will receive a much needed boost through this pact,” said Irfan Alam, Deputy Director, ASSOCHAM.

In February, 2022 India and the UAE signed a Comprehensive Economic Partnership Agreement (CEPA) with the aim of increasing bilateral merchandise trade to USD 100 billion by 2030. (KNN Bureau)