India-Vietnam trade up 40 pc; Odia MSMEs invited to boost exports
Pham Sanh Chau, the Vietnamese Ambassador to India, while speaking on the sidelines of Odisha MSME International Trade Fair 2019, invited Odisha MSMEs to trade with Vietnam. He said the trade between India and Vietnam increased by 40 percent during 2018.
According to media reports, Chau invited MSMEs in the food processing, travel, tourism, pharma, healthcare, handloom and handicraft sectors to trade with Vietnam. He also expressed his happiness at the increased trade between the two countries while addressing a seminar on ‘Credit and Marketing Linkage to MSMEs and Exporters.’
MSME Minister Prafulla Samal, who was present at the event, also said the Odisha government has prioritised development of the MSME sector with a slew of policy initiatives and incentives. Samal stated that MSMEs have a major contribution in the state’s economy.
Chau also interacted with members of different industry associations such as UCCI, OSSIA, OYEA and OASME in a separate meeting to explore the potential of trade promotion in various sectors.
LN Gupta, Additional Chief Secretary of MSME, said that the MSME sector is a predominantly micro Sector. “About 99 percent of enterprises relate to micro category, and in this context, I suggest conducting a fresh census of MSMEs by Government of India to ascertain the ground status of MSMEs,” he said.
Highlighting the present credit requirement of MSMEs in the country, which is estimated at Rs 45 lakh crore, he said only Rs 25 lakh crore of credit demand in the country is being met.
The International MSME Trade Fair 2019 in Bhubaneshwar was recently inaugurated by state Finance Minister Sashi Bhusan Behera. He had said that more than 3.67 lakh micro, small and medium enterprises (MSMEs) have been established in Odisha, with a cumulative investment of more than Rs 17,863 crore.
“The MSME sector has provided employment to over 14.61 lakh people. Investment in this sector remains a focus area for the government. Altogether, 724 projects worth Rs 2,765 crore have been approved by District Level Single Window Committees since April 2015,” he had said.