CII signs MoU with UK trade body to help SMEs in aerospace, defence sectors

To promote and explore opportunities for cooperation among small medium enterprises (SMEs) in the aerospace, defence, security and space, Confederation of Indian Industry (CII) has signed a memorandum of understanding (MoU) with ADS, a trade organisation in UK advancing the UK aerospace, defence, security and space industries.

The MoU was signed in the presence of Dr Jaimini Bhagwati, High Commissioner of India to the UK, Rt. Hon. Carwyn Jones AM, First Minister of Wales and Mr H P Kumar, Chairman and Managing Director, National Small Industries Corporation (NSIC), on the sidelines of the 3rd India-UK SME Business Meet.

"Both ADS and CII will work together in establishing programmes in aerospace, defence, security and space, which will encourage greater sharing of expertise and experience between SMEs and developing linkages with relevant agencies tasked with supporting SMEs," said Deep Kapuria, Chairman, CII National MSME Council and Chairman, Hitech Gears Ltd.

“The MoU will enable us to upscale the Indian SMEs to the high global standards in the four sectors, and CII will work closely with both the Ministry of MSME and the National Small Industries Corporation (NSIC), (the two key stakeholders in the Indian SME space) in this direction,” Kapuria added.

Talking about Indian and UK SMEs, Dr Jamini Bhagwati said that in India SMEs contribute 8 per cent to our GDP, 45 per cent of manufactured output and 40 per cent of Indian exports; whereas the SME sector's contribution to the UK GDP is over one-third. Therefore, the Indian entrepreneurs have to learn how SMEs play a critical role in the UK economy.

The Indian SMEs are increasingly waking up to the realization that technology is going to play a crucial role in the sustainable development, a key factor in staying competitive in a fast paced global scenario, according to Bhagwati.

Earlier, Rt. Hon. Carwyn Jones AM, First Minister of Wales, said, “SMEs will form the basis of trade and economic cooperation between UK and India. Their ability to exploit new technologies, and to respond quickly to changing market needs, would give SMEs a pivotal role in the success of the Global economy.”