Ease of Doing Business for MSMEs: Federation of Indian Micro, Small and Medium Enterprises (FISME) signed a Memorandum of Understanding (MoU) with Yangsan Chamber of Commerce and Industries (YCCI) of South Korea to support and strengthen MSMEs in both the countries as per a report by the Knowledge and News Network (KNN). 

As a part of this agreement, FISME will help the entrepreneurs based in Yangsan city to form business ties with the Indian small and medium enterprises (SMEs). 

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S.K. Jain, Vice President of FISME; Park Byung-Dae, YCCI Chairman and Na Dong-Yeon, Mayor of Yangsan city have signed the MoU. 

“Large companies can create their presence in India on their own. However small companies will need support through industry associations. This is where FISME will play its role through this partnership formalised today,” said Jain while addressing the delegation. 

Hailing the agreement signed with FISME, the Mayor of Yangsan said that the agreement signed with FISME will lead to a greater path of opportunities, reported KNN.

“I am certain that we will have better economic performance and I see Indian SMEs and South Korea collaborating in the near future with our efforts,” the Mayor said. He further stressed on economic cooperation and collaborations to explore opportunities for companies in both the countries. 

High level of technology, especially in hardware and India’s large consumer market will create several portunities for both countries, added a spokesperson from YCCI. 

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The Mayor said, “The partnership with FISME will give us a lot of help to collaborate and cooperate for the longer term.” He further expects to get into a detailed discussion on the business environment and new opportunities in depth.”

The South Korean delegation also had meetings with members of FISME on sectors such textiles, clothing, towels, umbrellas, bath products, leather and others.