NDB should come out with ideas and pilot projects for strengthening MSMEs in the BRICS countries: Sitharaman

New Delhi, Oct 14 (KNN) Recognizing the MSME sector as vulnerable to global volatility, Commerce & Industries Minister Nirmala Sitharaman said New Development Bank (NDB) should be urged to come out with ideas and pilot projects for strengthening MSMEs in the BRICS countries.

She said this support should also extend to the MSMEs in the BIMSTEC countries, which are also facing similar challenges of adaptation and survival.

“India has taken a lead on the MSME sector. We believe this sector is vulnerable to global volatility and needs support, both in terms of finance and transfer of technology,”  Sitharaman said while delivering speech at the inauguration of BRICS Trade Fair.

MSME sustenance is crucial because they generate large employment in our countries, Sitharaman added.

On the crucial services sector, Sitharaman said, “Liberalising Services sector should be accorded top priority in the BRICS as it helps in creating exponential growth in the BRICS region. Most importantly free movement of people in our Group for tourism, hospitality and business purposes will boost the intra-BRICS trade.”

The gathering of more than 1,000 entrepreneurs from BRICS and BIMSTEC countries under one platform gives an opportunity to discuss trade, investment and technology collaborations during this 3 day Fair.

The Commerce Minister also pointed that the Trade Ministers of BRICS countries deliberated on specific areas for cooperation with a view to enhancing intra-BRICS trade. These relate to forging cooperation in specific sectors such as SMEs, Standards, NTMs, IPR, e-Commerce, Single Window and Working Group on Trade.

“These cooperative frameworks will form focal points to work on concrete actions in a spirit of accommodation and understanding,” she added. (KNN Bureau)