Sri Lanka COSMI leads formation of South Asia-European MSME alliance

• 24 Jun 2021
• 0

Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI) entered into a pact with Hungary based European Association for Trade – Crafts – Industries (EIVHGI) which will enable much needed European knowledge transfers to Lankan MSMEs.

President COSMI Nawaz Rajabdeen said “The aim of the path breaking COSMI- EIVHGI Agreement is to promote ‘business partnerships’ between Europe and South Asian countries. As an emerging market, South Asia holds great potentials –after all the region’s economies are driven by their MSMEs, totaling more than 70 million.”

 This agreement is an important milestone in post-COVID industrial and skills development for Sri Lankan MSMEs as it facilitates premium European trade, craft, industry knowledge transfer to them. “We at COSMI are very much looking forward to work with EIVHGI especially given the Trade–Crafts–Industry footprint of the Budapest based EIVHGI has” Rajabdeen added.

Founded in 1980, EIVHGI (Europäischer Interessenverband Handel-Gewerbe-Industrie) is a powerful Trade – Crafts – Industries entrepreneur group represented within one of the most historical Chambers of Commerce of Europe, the Budapest based Hungarian Chamber of Commerce and Industry.

Founded in 1980, EIVHGI (Europäischer Interessenverband Handel-Gewerbe-Industrie) is a powerful Trade – Crafts – Industries entrepreneur group represented within one of the most historical Chambers of Commerce of Europe, the Budapest based Hungarian Chamber of Commerce and Industry.

EIVHGI has many elected representatives in the Hungarian Chamber and is a significant voice within it. Established in 1850, the Hungarian Chamber itself is one among the 26 full member Chambers of Commerce of the powerful AECCI (Association of European Chambers of Commerce and Industry).

Considered no less than a ‘recognized partner’ for the EU, AECCI has an outreach strength of 26 European Union Chambers from 26 member countries (one of which is the Hungarian Chamber where EIVHGI is represented) and another 1700 regional Chambers. 

The signing of the agreement took place in Vienna, Austria on March 29, 2021 between President of the EIVHGI, Johann Forstinger and the Chairman of the EIVHGI - International Economic Council Prof. Dr. Norbert W. Knoll von Dornhoff and COSMI President Rajabdeen Nawaz Rajabdeen.

Sri Lanka has around one million registered SMEs while India (63 million), Pakistan (3.3 Million) and Bangladesh (7.4 million) collectively pack around 73.7 million ‘SME population.’

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