NEW DELHI: The National Small Industries Corporation (NSIC) and South Korean Small and Medium Business Corporation (SMC) on Tuesday inaugurated the India-Korea Technology Exchange Centre in an effort to boost bilateral cooperation between the two countries in the Micro, Medium and Small Enterprises (MSME) segment.
The inauguration comes in the backdrop of a large Korean delegation led by South Korean president Moon Jae-in visiting India, with over 11 agreements signed between the two countries.
According to officials, a memorandum of understanding (MoU) was also signed between the NSIC and SMB to further enhance cooperation in the segment.
Addressing the event, Union Minister Giriraj Singh said that the first India-Korea working group on the MSME sector was established on March 31, 2017, whereby both sides had discussed various measures to boost bilateral cooperation in the MSME sector.
“We are aware that there lie immense opportunities for cooperation in the MSME sector between India and Korea. The small and medium business units from both countries can learn a lot from each other,” Singh said.
He also expressed confidence that the India-Korea technology Exchange Centre will also work in areas like space, renewable energy and other emerging technologies.
Meanwhile, the India-Korea CEOs forum announced the formation of 6 working groups in Auto, Infrastructure, Services, Electronics (including renewable and allied sector) & IT and Startups and Innovation Ecosystem (including MSMEs & SMEs) and Defense Manufacturing.