NSIC to ink pact with Russia to support MSMEs

New Delhi, Sept 4 (KNN) National Small Industries Corporation Ltd (NSIC) will sign a memorandum of understanding (MoU) with Russia to facilitate, assist and provide necessary support to MSMEs (micro, small and medium enterprises) of both the countries.

“We will sign a pact with Russia Small and Medium Enterprises Corporation which comes under the Ministry of Economic Development,” said, Ravindra Nath, Chairman cum Managing Director of NSIC.

With the pact, MSMEs of India and Russia will come together. There will be joint ventures, transfer of technologies, new business opportunities, among others, he added.

In the past, NSIC had signed pact with Malaysia and South Korea with the same objective to facilitate MSMEs.

NSIC has established incubation centers at Ethiopia, Rwanda, Egypt, Burundi, Burkina Faso and Zimbabwe. It plans to set up one more at Mozambique.

Recently, the central PSU also signed a MoU with SAP.