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November 13, 2017
MEMORANDUM OF UNDERSTANDING ON COOPERATION IN THE FIELD OF MICRO, SMALL AND MEDIUM ENTERPRISES BETWEEN BUREAU OF SMALL AND MEDIUM ENTERPRISE DEVELOPMENT, REPUBLIC OF THE PHILIPPINES AND NATIONAL SMALL INDUSTRIES CORPORATION, REPUBLIC OF INDIA
The Bureau of Small and Medium Enterprise Development (BSMED) and The National Small Industries Corporation Ltd.(NSIC), India (herein after jointly referred to as "Participants") ;
RECOGNIZING the important role of Micro, Smal land Medium Enterprises (MSMEs) in the economy of developing countries, through their significant share in industrial production, exports and employment and achieving equitable and inclusive growth;
CONSIDERING that MSMEs are facing challenges from globalization and regional economic integration;
REALIZING the importance of mutual cooperation to advance the development of the MSMEs in both countries;
HAVE REACHED the following understanding:
PARAGRAPH 1
Objective
This Memorandum of Understanding (MOU) is concluded with a view to developing and enhancing cooperation between the Participants on mutually agreed terms and does not constitute an agreement binding upon the countries of the Participants under international law.
PARAGRAPH 2
Areas of Cooperation
- Subject to their respective laws, rules and regulations, the Participants will encourage cooperation in the following areas:
A. Share their key programs on MSME development in areas such as business enabling environment, access to market, financing, and productivity improvement.
B. Undertake capacity building for developing policy and institutional framework for the development of MSMEs in both countries on mutually agreed terms.
C. Carry out relevant surveys and feasibility studies to identify thrust areas and opportunities for the development of MSMEs.
D. Facilitate exchange of business mission to enhance enterprise-to- enterprise cooperation and help initiate sustainable business alliances between the enterprises of Philippines and India. The expenditure of the visits of delegations within the framework of this MOU does not create any financial obligation for the Participant which accepts the delegation.
E. Encourage virtual exhibitions at their respective websites/web portals regarding products and services offered by their MSMEs and offer linkages on each other's website for information exchange.
F. Exchange information about fairs and exhibitions and promotion of participation of MSMEs in selected events in each other's country in order to enhance interactions and cooperation between their MSMEs.
G. Promote technology transfers for realization of partnerships between their MSME sectors.
- The Participants will endeavor to undertake cooperation projects in other mutually agreed areas.
PARAGRAPH 3
Consultations
Any differences regarding the interpretation and implementation or application of this MOU shall be addressed through consultations between the Participants, through diplomatic channels.
PARAGRAPH 4
Amendments
Any amendment or revision to the text of this MOU will be done by mutual written consent of the Participants.
PARAGRAPH 5
Effectivity, Duration, Termination
1. This MOU will come into effect on the date of its signature.
2. This MOU will remain in effect for a period of three (3) years, thereafter will be renewed for a similar periods by mutual written consent of the Participants unless either Participant officially notifies to the other Participant, through diplomatic channels, of its desire to suspend or terminate this MOU. In such a case, the MOU will remain valid until sixty (60) days after the date on which one Participant receives an official notification from the other participant expressing the desire of the latter to suspend or terminate the validity of this MOU. ·
In witness whereof, the undersigned being duly authorized by their respective Participants, have signed this MOU.
Signed in Manila on 13th day of November 2017 in two originals, each in the English and Hindi languages, both texts being equally valid In the event of any divergence of interpretation between any of the texts, the English text will prevail.
| For Bureau of Small and Medium Enterprise Development (BSMED) Makati City Republic of the Philippines (Sgd.) ZENAIDA CUISON MAGLAYA Undersecretary Department of Trade and Industry |
For the National Small Industries |
Entry into Force: November 13, 2017