BENGALURU: Retailers Association of India (RAI) has signed a Memorandum of Understanding (MoU) with the Facilitating MSMEs Tamil Nadu (FaMeTN), an autonomous agency of the TN government, the firms said in a release on Tuesday.
Under the MoU, RAI will help in the development of retail policy in the state, collaborating with FaMeTN to support the retail industry and micro, small, and medium enterprises (MSMEs). RAI will also facilitate important discussions between FaMeTN and member retail MSMEs, helping the latter to understand the needs of small retail businesses regarding skill development, branding and marketing, capital and compliance.
“MSMEs are the backbone of retail. With the collaborative agreement between FaMeTN and RAI paving the way, the state’s MSME landscape is set to flourish. In this dynamic ecosystem, it’s crucial to remember that a staggering 90% of retailers are MSMEs that drive the industry forward,” said Kumar Rajagopalan, CEO, RAI.
Grace Lalrindiki Pachuau, ED, FaMeTN said, “This MoU with RAI is a substantial step towards streamlining the process of understanding and addressing the varied needs of our MSMEs. Our partnership will enhance collaboration, create valuable dialogues, and most importantly, build capacity within the sector.”
FaMeTN was established in September 2019 with the intent to promote trade, investments and exports in the MSME sector in TN.