Sri Lanka’s COSMI in South Asia-European MSME union.

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Sri Lanka’s Confederation of Small, Micro, and Medium Industries (COSMI) and a European businessperson association signed a deal in Vienna, Austria. It has initiated the opportunities for a European knowledge transfer for the Lankan MSMEs.

“Our Partnership Contract with Hungary-based European Association for Trade, Crafts Industries (EIVHGI) strives in promoting the MSMEs in the entire South Asian region. The Sri Lankan MSMEs also aim to benefit,” said President COSMI Nawaz Rajabdeen in a media statement.

“The purpose of the path-breaking COSMI- EIVHGI Alliance is to promote ‘business partnerships’ within Europe and South Asian nations. As an emerging market, South Asian nations carry great potential. After all, the region’s economies are steered by their MSMEs, adding more than 70 million. Consequently, partnerships like these are the much-needed spur for the region’s MSMEs to advance towards the next levels. The agreement is further a significant milestone in post-COVID industrial and skills advancement for Sri Lankan MSMEs. It also aids premium European trade, craft, and manufacturing knowledge transfer. We at COSMI are very much looking ahead to work with EIVHGI, notably given the Trade–Crafts–Industry footprint of the Budapest-based EIVHGI,” Mr. Rajabdeen added.

Established in 1980, EIVHGI (Europäischer Interessenverband Handel-Gewerbe-Industries) is a strong Trade, Crafts, Industries entrepreneur association. It represents one of Europe’s most significant historic Chambers of Commerce-the Budapest-based Hungarian Chamber of Commerce and Industry.

The signing of the alliance took place in Vienna, Austria, on March 29 amid President of the EIVHGI, Johann Forster, and the EIVHGI – International Economic Council professor Dr. Norbert W. Knoll von Dornhoff and COSMI President Rajabdeen.

After signing the alliance, which became effective on April 4, EIVHGI President Johann Forster said, “Mainly during the COVID pandemic and its alarming consequences for SMEs globally. Our SME supports organizations that wish to signal important business organizations to cooperate globally and progress together. It assists SMEs to succeed in the crisis efficiently while preserving the economic progress in their interest and that of their employees.”

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