PayPal Signs MoU With IIFT; Launches India Digital Trade Facilitation Forum
Digital Export Facilitation Forum will host expert discussions, train the MSME exporters through masterclasses, and conduct research to help them leverage trade opportunities
To help increase the knowledge base of Indian MSMEs, digital payments firm PayPal today signed a Memorandum of Understanding (MoU) with the Indian Institute of Foreign Trade (IIFT).
The partnership is aimed at launching the India Digital Trade Facilitation Forum (IDTFF) for micro, small & medium enterprises (MSMEs). The IDTFF will facilitate education, training, and capacity building to empower MSMEs and help scale their businesses across global markets using digital platforms. It would also l serve as a platform to address export issues while equipping small businesses with the necessary tools to expand their consumer base and reach a global audience.
The focus of the forum orbits around educating, guiding, and raising awareness amongst MSMEs about marketing, scaling, digitalization and exports through masterclasses led by subject experts. Virtual webinars will also be hosted with industry experts, traders, and policymakers on ongoing challenges and policy discussions.
“The India Digital Trade Facilitation Forum is a great initiative and one which recognizes the need to train our MSMEs and freelancers to tap into the global digital commerce opportunity. I extend my support and best wishes to PayPal and IIFT, for taking an ecosystem approach and partnering with small businesses,” said Bdiyut Behari Swain, Secretary of Ministry of MSME.
According to Nath Parameshwaran, Senior Director, Corporate Affairs, PayPal India it is an opportune time for MSMEs to leverage cross-border eCommerce to grow exports supported by an enabling export policy framework. The MSME community will play a key role in realizing PM Modi's mission of $400 billion exports target by this year and his long-term vision of $5 trillion economies, he said.
“One of the most critical issues impacting the activities of small exporters, who are also at the forefront of India’s exports, relates to the uncertainty of payments from international transactions. And that’s where PayPal has been playing a pivotal role in facilitating online payments and instilling confidence among India’s exporters to engage in digital trade – which, undoubted,” added professor Manoj Pant, vice chancellor, IIFT.