India is at present one of the first nations that has a robust MSME ecosystem.
This is primarily due to the strong fundamentals that are present in India that
helps the industry move forward. There is a huge demand for the Indian products
in the international market and as a result of which many participants are curious
to get in to the premises of the MSME sector. The regulation of this sector is also
very favorable in India. Many businesses are finding newer opportunities to engage
and interact with the other market participants who have had their presence for
a while. Mauritius review bilateral engagement in MSME sector. India and Mauritius
have recently reviewed the present bilateral engagement in the MSME field and
have held a discussion on potential areas of cooperation. This message has been
recently released by the central sources.
Both of the parties involved have discussed the possibilities of the
exchange of best practices and their individual experiences in the
development of the Micro, Small and Medium Enterprises (MSME)
sector. All this happened recently in the 3 rd Joint committee meeting
between India’s Ministry of MSME and Ministry of Business, Enterprises
and Cooperatives of the Republic of Mauritius. India already had very
good trade and financial relations with Mauritius for a long time. The
Session was conducted by the following people in the panel. The Indian
side was led by Narayan Rane, Union Minister for MSMEs, while the
Mauritian delegation was led by Soomilduth Bholah, Union Minister of
Industrial Development, SMEs and Cooperatives.
The conversation between both the parties also helped to come to an
understanding wherein all of the participants deliberated upon holding
of physical or virtual exhibitions and fairs along with technological
cooperation and thus encouraging B2B collaborations and helping the
new breed of entrepreneurs to attend the training and development
programmes and thus leading to a collaboration of the various sector
like aromatherapy, processing and preservation of food items and all
the various types of business that are eco-friendly in nature.
During the visit of the Mauritius delegation’s , two different
Memoranda of Understanding (MoUs) on cooperation have also
been signed. The first one MoU was between SME Mauritius Ltd
and Entrepreneurship Development Institute of India (EDII)
– Ahmedabad on 23 August, 2022 in Ahmedabad; and the another
one between SME Mauritius Ltd and National Institute for Micro,
Small and Medium Enterprises (Ni-msme), an institute under the
Ministry of MSME, on 24 August, 2022 in New Delhi. These were
pretty significant events that establish the landmark of the MSME
sector in India presently as well as for the future.
For more information: https://smeventure.com/how-can-your-organization-become-truly-data-driven/
As per the Securities Act 2005, the FSC is the Mauritius regulatory
authority for financial markets in Mauritius which comprises Securities
Exchanges, clearing and settlement facilities and securities trading
systems on the one hand and Collective Investment Schemes and
intermediaries on the other. The regulatory bodies oversee all the
associations of the businesses and the partnerships that are formed
by the business units. It is extremely important for such partnerships
to happen very often as it leads many entrepreneurs to open up to a
much wider economy and the possibilities of doing businesses cross
border increases very rapidly.
The Federation of Indian Chambers and Commerce (FICCI) and The
Mauritius Chamber of Commerce and Industry represent the trade and
business community of their respective countries. Further, their
common goal is to increase ethical business activities between each
other.
India – Mauritius trade relations is focused on the improvement of
trade and business relations along the following lines:
1. Trading procedures
2. Trade and investment opportunities
3. Trade administrative and regulatory procedures
4. Business networking
5. Trading policies
Mauritius core competencies like strategic location and trade agreements
at multilateral and local levels to serve as a launch pad for Indian investors
in Mauritius market and other markets through its various trade agreements.
The Mauritius regulatory body and the EXIM Bank of India have identified
areas of investment for Indian corporate sectors such as:
1. Knowledge and education
2. Financial services
3. Tourism
4. Health
5. Capacity enhancement
The forum of India Mauritius trade relations has suggested future plans
to:
1. Encourage Indian investments in Mauritius and joint India-Mauritius
investments into the region.
2. Increase Indian investment and transfer of technology and know-
how, which would propel the process of economic development in the
region.
Furthermore, tremendous opportunities exists for the cooperation
between the two countries in a mutually beneficial manner, facilitated
by:
1. India Mauritius JBC – A joint business forum which showcases each
others commodities to their individual business and trade partners to
promote each others business and trade.
2. The India Mauritius JBC, uses their individual trade partners business
and trade agreements to facilitate business and trade promotion of
each other.
Do watch: https://www.youtube.com/shorts/mxmhEv0xPgM
It is thus very important for all the entrepreneurs in the SME sector to
take a note of all the happenings around The India Mauritius new
MSME policy that will automatically help to boost MSME sector. India
having so many young talented entrepreneurs at this stage is ripe for
the global appeal. It is important for such trade relations to exist and
also benefit the small businesses so that the Mauritius regulatory body
also take a note on this and regulate the own markets and businesses
accordingly. Businesses in India post the pandemic has risen to high
levels of participation as the economy is coming back to its normal
state. This bilateral engagement was a one of its kind that will surely
help the Indian businesses to make their mark in some of those regions.
It is very essential for trade to happen between both the parties that
signed the MOU and thus boost the MSME sector.
Ultimately, it is important for all the stakeholders to pay attention to
the provisions made by the Government for the welfare of the MSME
sector and work along similar lines so that mass adoption could be
achieved in the near future.