Trade, Imports, Exports for MSMEs: Trade and investment promotion body TPCI announced the launch of an online trade platform -- Business Sans Borders (BSB) in partnership with Singapore’s central bank -- Monetary Authority of Singapore.
Trade, Imports, Exports for MSMEs: Trade and investment promotion body Trade Promotion Council of India (TPCI) on Wednesday announced the launch of an online trade platform — Business Sans Borders (BSB) in partnership with Singapore’s central bank — Monetary Authority of Singapore to help SMEs export their products and services globally, TPCI Chairman Mohit Singla told Financial Express Online. The platform will run a pilot programme for one-two months to integrate TPCI membership database into BSB and establish data interconnectivity. “We will do a pilot with 1500 – 2000 food exporters which are generally mid-size companies to see how the system behave and react and how the demand of global buyers are automatically picked up and shared with relevant exporter on the platform,” said Singla.
The exporters in food category are picked as India’s export-focused food and beverage trade fair — IndusFood will be held in January. “Since IndusFood is just around the corner, we will have a large number of businesses to explain to them about the platform and bring them on board.” Post pilot run, more agencies and bodies such as regional chambers, product associations etc. are likely to integrate themselves to the trade platform. Singla said that the platform will help SMEs in business generation, trade based tools such as issuance of letters of credit, facilitation of escrow accounts, financing option, bill discounting etc that otherwise happen through a manual process with involvement of banks.
The platform has been funded and designed by the Monetary Authority of Singapore along with regulating it. Singapore already has the platform working for the Philippines even as apart from India, more countries would be connected to it, Singla said. MSMEs currently contribute 49 per cent to India’s total exports that stood at $26 billion in September 2019, according to the data by the commerce department. Share of exports of products related to MSMEs in FY19 stood at 48.10 per cent as per the information from Directorate General of Commercial Intelligence and Statistics, MSME Minister Nitin Gadkari had said in a written reply in Rajya Sabha in July this year.