New Delhi, Jan 2 (KNN) The Development Commissioner, Ministry of Micro Small and Medium Enterprises (DC-MSME) and Institute of Directors (IOD) have come together to form a strategic alliance in order to train India's micro and small enterprises on best practices in corporate governance. 

In this regard, a memorandum of understanding (MoU) was signed between DC-MSME and IOD-an internationally acknowledged organization that works to improve the professional competence of business leaders.

With their respective expertise, DC-MSME and IOD will work together towards the development of management and governance of the MSME sector’s professional competency needs, by jointly identifying and executing required developmental initiatives.

“This MoU intends to provide a flexible and overarching framework under which collaborations and partnerships may be developed between DC-MSME and IOD in the area of professional development of MSMEs with the focus on micro and small subsectors”, said DC-MSME notification.

The areas that are covered under the MoU include curated training programs of corporate governance competencies and IOD membership opportunities for senior MSME professionals/personnel.

Under this MoU, IOD will also promote and propagate the government's programmes for MSMEs through its in-house publications and e-publications. 

Institute Of Directors was established on 12 July 1990 in India, as an apex association of Directors to improve their professional competence. It aims to be a leading business professionals club with the highest ethical standards that delivers exceptional values for its members, employees and stakeholders.