During the ongoing visit led by H.E. Lee Jae Myung, President of the Republic of Korea, to India, the Ministry of Micro, Small and Medium Enterprises signed a Memorandum of Understanding (MoU) with the Ministry of SMEs and Startups of the Republic of Korea on April 20, 2026. The MoU establishes a structured framework for collaboration between the two ministries and seeks to institutionalise sustained dialogue on key micro, small and medium enterprise matters.

The agreement is designed to promote a deeper understanding of each country’s MSME ecosystem and to enhance engagement among stakeholders across public and private sectors. The framework enables regular exchanges of information and expert interaction and provides channels for exploring mutually beneficial opportunities that can improve business linkages and sectoral co?ordination.

As part of the cooperation, the two sides intend to pursue measures to boost trade and investment through sharing of best practices, business matchmaking and technical and economic collaboration. The MoU also envisages joint initiatives to strengthen direct linkages between MSMEs of both countries and to facilitate transfer of knowledge that can support scaling, innovation and market access for small businesses.

Officials indicated that the partnership marks a step towards deepening India–Korea economic cooperation and underlines a shared commitment to empowering MSMEs as drivers of inclusive growth, innovation and employment generation. The release was issued by the Ministry of Micro, Small and Medium Enterprises and published by the Press Information Bureau, New Delhi, on April 21, 2026.