National Small Industries Corporation (NSIC) on Thursday signed an MoU with SME Corporation Malaysia for exchange of information and cooperation in areas like policies to aid development of small and medium businesses (SMBs) in the two countries.
Besides, three other agreements were also signed between Indian and Malaysian entities to strengthen cooperation among smaller businesses in these countries.
Micro, Small and Medium Enterprises (MSME) Minister Giriraj Singh, who was present at the event, expressed confidence that the two countries will work together in various areas like manufacturing and technology to drive growth in the SME sector.
He noted said Malaysia and India are large trading partners and share cordial relations for a long time.
Bilateral trade (between India and Malaysia) was registered at $12.02 billion in 2015 as against $13.84 billion in 2014 and $13.38 billion in 2013, he said.
“As per latest statistics, bilateral trade during January-September 2016 stood $8.71 billion. Trade is significantly biased in favour of Malaysia,” he added.
The agreement between NSIC and SME Corp Malaysia is for cooperation in matters of policies, expertise and information relating to the development of MSMEs in India and Malaysia.
The two entities will also work together for improving competitiveness of Indian and Malaysian MSMEs in global markets and other forms of technical collaboration.