New Delhi, Dec 9 (KNN) In a bid to develop Micro Small and Medium Enterprises (MSME) ecosystem in India in Oil and Gas sector, a Memorandum of Understanding (MoU) was singed on Monday between National Small Industries Corporation (NSIC) and Aramco Asia.

This MoU will pave a way for accredited Indian MSMEs to carve out a space as vendors in the Global space. From NSIC side P Udayakumar, Director (P&M) and from Aramco side Mohammed Al Mughirah, President, Aramco Asia inked the MoU.

The dignitaries Dr Said Bin Mohammed Al Sati, Ambassador of Saudi Arabia, Abdullah Melfi, Strategic Sourcing Head, Aramco, and more than 200 units from India witnessed the event.

NSIC is the flagship Mini Ratna PSU under Ministry of MSME in the business of facilitating MSMEs in India while Aramco is world's largest Oil and Gas company from government of Saudi Arabia having reported revenue of USD 355 billion dollar (2018) and estimated market value of 1.5 trillion dollars.