India to sign MoU for MSME Cooperation with IORA Member Countries

The objectives of IORA Memebrs

20.01.2017 08:06:43 - MoU between India and Indian Ocean Rim Association (IORA) member states for the Cooperation in MSME Sector.

( - India to sign MoU for MSME Cooperation with IORA Member Countries today ,Union Minister for Micro, Small and Medium Enterprises Shri Kalraj Mishra to be the Chief Guest at the occasion of signing ceremony of MoU between India and Indian Ocean Rim Association (IORA) member states for the Cooperation in MSME Sector.

Minister of State for MSME Shri Girraj Singh


and Shri Haribhai Parthibhai Chaudhary, representatives from IORA member countries, IORA Secretary to be present on the occasion.

The objectives are the Parties will cooperate in listed areas on mutually agreed terms and conditions on said topics, but not limited to the list.
The objectives of IORA Memebrs are

Promote a conducive business environment to expand the SME sector:

Enhance the competitiveness of SME sectors.

Devise and implement development program for SMEs;

Provide market access and business opportunities in IORA region.

Provide and develop entrepreneurship for SME sector.

Facilitate cooperate between SME institutions in IORA Member states.

Create a IORA database of equipments,technology and services.

Conduct studies and analysis for SME sector development strategist.

Facilitation of SMEs in securing financing from IORA special fund.

Organise capacity building workshops and training programs.

Encourage synergies with IORBF.

Promote women's empowerment programms:

Union Minister of MSME, Shri Kalraj Mishra Thursday inaugurated Workshop on MSME Cooperation amongst Indian Ocean Rim Association (IORA) Member countries. Speaking on the occasion, he said that this workshop will strengthen economic relationship amongst the member countries in the field of trade and investment facilitation especially in MSME sector. He also stated that India has Memorandum of Understandings (MoUs) with 18 countries for cooperation in MSME sector. The National Small Industries Corporation of India, Public Sector Enterprise under the Ministry of MSME has 34 MoUs with its counterpart organizations of foreign countries for cooperation in MSME sector.

Shri Mishra also stated that this Workshop on SME cooperation will facilitate exchange of ideas, concerns and experiences of IORA member states and would help evolve a common MoU to address the emerging challenges in the region in MSME sector. He emphasized that the resilience in IORA over the last 20 years has been its innate strength. IORA’s evolution and growth have consistently seen an upward trajectory. He said that this strength must be reinforced by ensuring independence of strategy and priority. The onus of strengthening the regionalism in a composite manner must rest first on the shoulders of IORA members themselves
Minister of State for MSME Shri Haribhai Parthibhai Chaudhary has emphasized that the IORA region has emerged as a strong one with the highest growth prospects in the world. He also stated that India and IORA together represent a huge market in which suppliers can build scale and efficiency and investors can allocate capital most productively.

IORA Secretary General, Shri Bhagirath spoke about the IORA secretariat’s efforts in enhancing cooperation between the IORA member countries in terms of industrial and cultural cooperation. He also spoke about how the MSMEs in the IORA member countries help in alleviating poverty by creating more job opportunities

Secretary MSME, Shri KK Jalan said that with the combined population of over 2 billion, IORA and India represent a vast market for goods and services and it is highly attractive due to large segment of high consuming middle class of about 600 million persons in India. He also expressed that this workshop will inspire the member countries to further cooperation and seek opportunities to support the progress towards mutual goals.

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