India today pitched for promoting micro, small and medium enterprises, MSMEs in developing countries as they are important for employment and income generation.
This was emphasised by Commerce and Industry Minister Piyush Goyal at a session on ”Promotion of Trade and Investment that contribute to Sustainable and Inclusive Growth’ at G20 nations meet in Japanese city Tsukuba.
Mr. Goyal stressed that there is a need to support MSMEs in developing countries to spur job creation and promote trade in a sustainable manner.
The Minister added that supporting greater participation of MSMEs in developing countries are also crucial for jobs and income generation.
He also said that free trade and investments will benefit developing countries when they remain development centric.
MSMEs contribute around 45 per cent in India’s exports, about 25 per cent to the GDP from service activities and over 33 per cent to the manufacturing output of India.
Meanwhile, at the sidelines of the G20 meet, the commerce minister held series of bilateral meetings with his counterparts from various countries, including the UK, Japan, Spain, Korea and South Africa and discussed ways to increase trade and investments.
With Japan, he also discussed issues related with a proposed mega free trade agreement Regional Comprehensive Economic Partnership (RCEP).
G-20 is a grouping of 20 developed and developing nations.