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With respect to the recent updates , Indian ocean rim association (IORA) finalized memorandum of understanding (MOU) for the cooperation work of small and medium - sized enterprises (SME).
In the above sentence there are 3 organisations from which most of you are not aware , to what is leads , how it works , when was it established . Therefore we will tell you about them first.
Indian ocean rim association (IORA)
IORA is an intergovernmental type of organisation which has membership of 21 states.
Small and medium-sized enterprises (SME)
Small and medium-sized enterprises or small and medium-sized businesses are those businesses whose personal numbers fall under some limitations.
Indian government defined these enterprises business with micro , small and medium-sized enterprises.
Memorandum of understanding (MOU)
A memorandum of understanding is referred as the bilateral or multilateral agreement signed between two or more than two parties. Parties can use memorandum of understanding (MOU) as the announcement of their official agreement.
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The memorandum was signed on a workshop on MSME cooperation amongst the members of indian ocean rim association (IORA) held at new Delhi.
Motto of this MOU
- This MOU will help in building up linkages and alliances between MSME's organisation and also with different institutions engagement in MSME's projects.
- This MOU will help both the youth and women to promote their economic empowerment.
- It will also encourage synergies with IORA forum.
A Memorandum of Understanding (MoU) is a formal agreement between two parties, typically used to establish a business relationship. The MoU outlines the terms and conditions of the relationship and is legally binding. It is important to note that an MoU is not the same as a contract, and does not necessarily create a legally binding relationship. Thank you for the valuable blog. It is very helpful. To know more visit: MoU Format
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