Hyderabad, Jan 31 (KNN) The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and the Institute of Cost Accountants of India (ICAI) have jointly launched the country's first virtual centre to make micro, small and medium enterprises (MSMEs) globally competitive, innovative and to create first-generation entrepreneurs.

According to a media report, the centre will help the sector in accessing latest global technology practices, funding sources, establishing industry partnerships, skill upgradation of the workforce and sustainable development among others.

The centre will serve as a facilitator to MSMEs by addressing their issues, connecting them to global research and development (R&D) centres, strengthening industry-academia partnership, skill up-gradation and conducting product industry specific seminars and workshops, said a joint statement by ASSOCHAM and ICAI.

It aims to reach out to about 30 million MSMEs, educate at least 50,000 MSME units about exports and assist around 20 million budding entrepreneurs. It will also train at least 10 million non-skilled and semi-skilled people across the country. In addition, it will assist at least 500 MSMEs to produce innovative products.

“The centre will approach financial institutions, including banks, insurance companies, PE players, venture capitalists, presenting the case of the MSMEs in need of funding besides improving the credit flow,” the report quoted secretary general of ASSOCHAM, DS Rawat as saying. (KNN Bureau)