Policy

India signs MoU with South Africa for developing youth enterprises

Mishra said that the signing of MoU between the two organisations will further strengthen our commitment to cooperate with South Africa in developing MSMEs in the country thus, be partner in economic transformation of South Africa.
India signs MoU with South Africa for developing youth enterprises

NSIC a public sector enterprise under the Ministry of MSME, Government of India signed an MoU of Cooperation with Black Business Council (BBC) of South Africa for developing youth owned enterprises in South Africa in the presence of Kalraj Mishra, Minister of Micro, Small & Medium Enterprises in South Africa.

The MoU, besides cooperation in MSME sector, also focuses on BBC’s efforts to economically empower the marginalised group in South Africa through NSIC’s Rapid Incubation Programme. BBC plans to establish five such Rapid Incubation Centres in South Africa in cooperation with NSIC.

Mishra said that the signing of MoU between the two organisations will further strengthen our commitment to cooperate with South Africa in developing MSMEs in the country thus, be partner in economic transformation of South Africa.

While addressing the Conference on Cooperation in MSME Sector organised by NSIC and the High Commission of India in cooperation with Black Business Council, Mishra said that it would not have been more opportune time for me to be here, when India is celebrating the 100th year of return of Mahatma Gandhi to India from South Africa.

India-South Africa cooperation is about sharing knowledge and expertise, exchange of best practices, supporting innovation and building capacity and skills. That is the objective of this Conference and also the Memorandum of Understanding being signed between National Small Industries Corporation (NSIC) and Black Business Council of South Africa for promoting cooperation in the field of MSMEs.

Coming to the MSME sector, I would like to stress that these dominate the industrial landscape of India. MSMEs number about 44 million units and provides employment to some 80 million people. They also contribute 45 percent of manufacturing output and over 40 percent of India’s aggregate exports. With the spectacular growth being maintained by MSME sector in the overall manufacturing output of the country, we are focusing on maintaining the growth of this sector which is a very important constituent of Indian economy. MSMEs will play an important role in realising Prime Minister Narendra Modi’s vision of “Make in India” i.e to make India a manufacturing hub with zero defect products and zero effect on environment policy.

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