The Retailers Association of India (RAI) on Tuesday signed a Memorandum of Understanding (MoU) with the Facilitating MSMEs Tamil Nadu (FaMeTN). Under the MoU, RAI will play a key role in the development of Retail Policy in the State, collaborating extensively with FaMeTN to support the retail industry and MSMEs. RAI will facilitate important discussions between FaMeTN and member retail MSMEs, helping to understand their needs regarding like skill development, branding and marketing, capital and compliance, says a release.

“FaMeTN is committed to empowering MSMEs in Tamil Nadu, as they form the backbone of our economy. This MoU with RAI is a substantial step towards streamlining the process of understanding and addressing the varied needs of our MSMEs,” said Grace Lalrindiki Pachuau, Executive Director, FaMeTN.

‘Enhance collaboration’

“Our partnership will enhance collaboration, create valuable dialogues, and most importantly, build capacity within the sector. We are enthusiastic about this alliance as we join hands to further promote the growth, competitiveness and sustainability of MSMEs in Tamil Nadu,” she added.

Kumar Rajagopalan, CEO, RAI, said, “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 percent of retailers are MSMEs that drive the industry forward. Let’s not forget, the larger retailers’ support for MSME suppliers completes this symbiotic cycle of retail success.”

Market access

RAI is committed to furthering the market access of MSMEs, facilitating training and capacity building for retail MSMEs, and promoting communication and information exchange on the initiatives of FaMeTN among its member retail MSMEs.

FaMeTN will offer robust support to the initiatives, coordinating staff participation, nominating senior officers for areas highlighted in the MoU, and facilitating interactions with key local stakeholders. The FaMeTN’s comprehensive approach includes exploring overseas markets, streamlining government clearances, and offering innovative solutions for technological, financial, and management issues, thereby fostering robust growth for MSMEs, says the release.