Ministry to set up trade promotion bodies in 15 countries to promote exports of Indian SMEs : Suresh Prabhu

 

 

New Delhi, December 19: “The Ministry is examining the proposal to set up trade promotion bodies in 15 countries to promote exports of SMEs from India.”, said Suresh Prabhu, Suresh Prabhu, Union Minister of Commerce &Industry and Civil Aviation addressing at the inaugural session of the 15th Global SME Business Summit in New Delhi today. The two-day Summit has been organized by the Ministry of MSME in partnership with Confederation of Indian Industry.

 

 

The Minister informed the participants of the Summit about the commitment of the Ministry of Commerce and Industry towards the growth of the SMEs that are the pivot of the overall economic growth of the country. The Minister also spoke about the changing of trade regimes globally and establishment of new trade routes based on availability of labour and skill.

 

 

Suresh Prabhu said, “Global Value Chains(GVCs) are specifically significant for SMEs as they provide them the opportunity to contribute to exports without bearing the setup costs. The concept of trade has been changing where larger enterprises increasingly rely on outsourcing the manufacturing activities. This practice has proved quite advantageous to the MSMEs where they can participate in the exports through manufacturing of intermediate products.”

 

“The Commerce Ministry is also working on a comprehensive strategy to boost the MSME sector by granting new patents in record time. New Intellectual Property regime is being launched to strengthen the IPRs of Indian MSMEs as well as protecting IPRs of the other countries.”, he added.

 

The inaugural session was also attended by Union Minister of State (I/C) MSME, Giriraj Singh, Secretary, Ministry of MSME, Dr Arun Kumar Pandaand other senior officials.