India, Brazil sign pact to deepen MSME cooperation, advance green transition

New Delhi, Feb 21 (PTI) India and Brazil signed an agreement on Saturday to explore areas of mutual cooperation for the benefit of MSMEs and facilitate their access to green finance.

The Memorandum of Understanding (MoU) was signed during the ongoing visit of Brazilian President Luiz Inácio Lula da Silva to India between the Ministry of MSME, Government of India, and the Ministry of Entrepreneurship, Micro and Small Enterprises of the Federative Republic of Brazil.

"The MoU will provide a platform for both sides to discuss the issues concerning Micro, Small and Medium Enterprises (MSMEs) and explore possible areas of cooperation for mutual benefit of MSMEs in the two countries. It will provide a framework and enabling environment for the MSMEs of both countries to understand each other's strengths, markets, technologies, and policies," an official statement said.

The MoU also seeks to create enabling conditions for advancing the green transition, including facilitating MSMEs' access to green finance, thereby enabling their integration into global markets and value chains, improving productivity, competitiveness and strengthening their capacity for sustainable development.

The Brazil President is on a five-day visit to India from February 18 to hold wide-ranging talks with Prime Minister Narendra Modi and participate in the AI Impact Summit. PTI RSN TRB