New Delhi: India has become a member of the Enterprise Europe Network (EEN) - the 54th country to do so - in a bid to facilitate the flow of trade, investment and technology between SMEs in India and the European Union (EU), according to a recent issue of the CII newsletter, MSME Business.
The EEN works through local business organisations to help SMEs make the most of the European marketplace. India's entry into the EEN will give the country's SMEs access to Europe's large database of cutting-edge technologies, with companies from the 27-member bloc both offering and seeking research and commercial applications in 17 sectors, including agro-food, automotive, transportation and logistics, biotech and health care.
The EU has been a difficult market for Indian SMEs, given its complexities, stringent rules and protectionist tendencies, but India's membership of the EEN is expected to make a difference. CII, along with the European Business and Technology Centre (EBTC) and the Federation of Indian Export Organisations are partners in this initiative, and contact points for Indian SMEs.
The network serves as a one-stop shop for enterprises looking to go global with their innovative ideas. The EEN can provide insights on sources of venture capital and loans; the best way to sell a business plan to investors; getting aid from regional, national or EU authorities; and accessing public funds and grants for research and development.
The EEN's business cooperation database of some 23,000 profiles and business support organisations from 54 countries enables SMEs to utilise it to search for international business partners and sourcing new technologies and advisory services on issues such as intellectual property, going international, or EU laws and standards. The network ensures that SMEs looking to expand their business to another country find competent and trustworthy partners, as well as assess how EU laws and regulations affect businesses.
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