NSIC a public sector enterprise under the Ministry of MSME signed a MoU of cooperation with Black Business Council (BBC) of South Africa for developing youth owned enterprises in South Africa.
The MoU was signed in the presence of Minister of Micro, Small and Medium Enterprises, Kalraj Mishra, in South Africa.
Besides cooperation in MSME sector, the MoU also focuses on BBC’s efforts to economically empower the marginalized 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.
Speaking on the occasion Mishra said that the signing of MoU between the two organizations will further strengthen India’s commitment to cooperate with South Africa in developing MSMEs in the country and thus, be a partner in economic transformation of South Africa.
Addressing the Conference on Cooperation in MSME Sector organized by NSIC and the High Commission of India in cooperation with Black Business Council, South Africa, he said the partnership would provide a platform for the enterprises of India and South Africa to explore opportunities for collaborations especially in areas like technology and investment.
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 today between National Small Industries Corporation (NSIC) and Black Business Council of South Africa for promoting cooperation in the field of MSMEs, he said.
He further added that the two nations have great prospects for synergizing their complementarities in areas of industry, services, trade and technology especially in the field of Micro, small and medium enterprises (MSMEs).
With South Africa, although political relations are warm and friendly, economic ties have to be further nurtured to emerge stronger, given the geostrategic position of both countries. South Africa as a member of SADC can be a good partner for Indian businesses. Its manufacturing and technical capabilities make it a good springboard for doing business in Africa. Similarly, India offers South African companies an excellent location for addressing the huge domestic Indian market as well as the wider Asian market, he said.
Other sectors of bilateral cooperation include Auto Component industry, Machine Tools industry, Leather and Leather Goods, Chemicals and Pharmaceuticals, Fruit and Food processing and Textiles, among others.
These are the industries where Indian companies especially SMEs have been performing well and have made their presence felt on the global marketplace. I would urge South African companies to examine the opportunities in these and other sectors closely to reveal the underlying synergies of both countries, he said.