The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, recently gave its approval for signing of the Memorandum of Understanding (MoU) between India and Sweden on cooperation in the field of Micro, Small and Medium Enterprises.
- The objective of the MoU is to promote cooperation between the Micro, Small and Medium Enterprises of the two countries.
- It provides a structured framework and enabling environment to the Micro, Small and Medium Enterprise (MSME) sector of the two countries to understand each other’s strengths, markets, technologies, policies etc.
- It also contains an agreement between the two countries to enable their respective MSMEs to participate in each other’s trade fairs/exhibitions and to exchange business delegations, to understand policy and explore markets so that joint ventures, tie-ups, technology transfer etc. could take place.
- It does not contain or involve any financial, legal or political commitment on the part of either party. In no case does it attract any financial liability on the part of the Government of India.