AP Chambers And ICC Partner To Support MSMEs And Drive Economic Growth

Amaravati, Oct 15 (KNN) In a significant development for the business community, the Andhra Pradesh Chambers of Commerce and Industry Federation (A.P. Chambers) and the Indian Chamber of Commerce (ICC) have formalised a partnership through a Memorandum of Understanding (MoU).

The agreement, aimed at fostering industrial growth in both the state and the nation, was exchanged between ICC president Ameya Prabhu and AP Chambers president Potluri Bhaskar Rao.

The ceremony was attended by former Union Minister and Rajya Sabha member Suresh Prabhu on Monday.

Suresh Prabhu emphasised the critical role of the MSME sector in achieving India's USD 5 trillion economy goal. He advocated for district-level MSME development, leveraging local strengths and resources.

Prabhu stressed the importance of connecting local enterprises to global markets and called for government support in technological upgradation of MSMEs.

He also highlighted the need for India to position itself as a global innovation hub and capitalise on manufacturing opportunities shifting from China.

ICC president Ameya Prabhu noted the organisation's recent expansion, establishing offices in 25 countries. He acknowledged the growing international interest in Indian business partnerships but also pointed out challenges in reaching the USD 5 trillion economy target.

Prabhu specifically mentioned concerns about AI-related job losses and employment generation difficulties in the MSME sector, suggesting collaborative efforts between AP Chambers and ICC to address these issues.

Rajeev Singh, ICC Director General, announced the upcoming centenary celebration of the Chamber in December. He expressed optimism about the partnership with AP Chambers, outlining plans for joint policy advocacy and industry-focused events to benefit both the sector and the state.

AP Chambers president Bhaskar Rao underscored the MSME sector's importance to the Indian economy while highlighting its current challenges.

These include pandemic-related setbacks, geopolitical conflicts, high production costs, expensive financing, inadequate market connections, and payment delays.

Rao noted a decline in MSME exports and labor productivity, with many businesses closing in recent years. He also critiqued the effectiveness of government schemes aimed at the MSME sector.

The event was attended by key figures from A.P. Chambers, including general secretary B. Raja Sekhar, treasurer S. Akkaiah Naidu, and other office-bearers.

(KNN Bureau)