Conclave themed 'Transforming MSMEs in the New Global Era' organized in AP

Visakhapatnam, Dec 23 (KNN) The Confederation of Indian Industry (CII) has organised a conclave themed 'Transforming MSMEs in the New Global Era' where the speakers lauded the Micro Small and Medium Enterprises (MSME) and its contribution to country's Gross Domestic Product (GDP).

''MSMEs contribute to approximately eight per cent of the country’s GDP, 45 per cent of manufacturing output and 40 per cent of exports,'' said speakers at the conclave on Saturday.

Speaking at the inaugural session, District collector V Vinay Chand, emphasised on fishing sector and said it need to explore potential.

“Fishing is one of the sectors which needs to explore its potential by establishing food and marine processing units,'' he said.

He further said the state government is focusing on key sectors such as tourism, hospitality and construction adding that the government is keen to promote medical and its ancillary units in Visakhapatnam.

“Unless the Indian MSME sector equips itself with the latest technology, it will not be in a position to integrate itself in the global value chain,” said Pratap Bhimireddy, the government’s special representative for Investment Promotion & Infrastructure Development.

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