Visakhapatnam: 88 MoUs Signed as Global Buyers Meet AP MSMEs

The three-day International Reverse Buyer-Seller Meet (RBSM), organised by the Andhra Pradesh MSME Development Corporation (AP MSMEDC) and the Federation of Indian Export Organisations (FIEO) under the Raising and Accelerating MSME Performance (RAMP) Scheme, concluded in Visakhapatnam on Friday. The event saw the signing of 88 Memoranda of Understanding (MoUs) between overseas buyers and participating micro, small, and medium enterprises (MSMEs) from the state.

Held from August 19 to 21, the meet brought together more than 40 overseas buyers from 25 countries and over 250 MSMEs from across Andhra Pradesh. These participants engaged in one-to-one business meetings designed to explore export opportunities. According to officials, several other business discussions remain at various stages of negotiation and are subject to product evaluation, sample approval, and further commercial follow-up.

Addressing the valedictory session, Chairman of AP MSME Development Corporation, Tammi Reddy Siva Sankara Rao, and Joint Director General of FIEO, K. Unnikrishnan, highlighted the importance of such platforms in connecting local manufacturers with international markets. Overseas buyers expressed interest in continuing discussions with shortlisted suppliers, while MSMEs received feedback on pricing, quality, certification, packaging, and delivery requirements.

The participating enterprises represented a wide range of sectors, including agricultural and processed food products, spices, rice, marine products, textiles, chemicals, and engineering products. The diversity of sectors underscores the potential of Andhra Pradesh's MSME ecosystem to cater to varied global demand.

The RBSM is part of the central government's RAMP scheme, a World Bank-assisted initiative aimed at strengthening MSMEs across the country. The scheme focuses on improving market access, enhancing credit availability, and promoting innovation and sustainability among small enterprises. The Visakhapatnam meet is seen as a step toward integrating local businesses into global value chains, potentially boosting exports from the state.

Officials noted that the MoUs signed at the event are expected to translate into tangible export orders in the coming months, provided the follow-up processes are completed smoothly. They also emphasised the need for MSMEs to align with international standards on quality, packaging, and certifications to sustain long-term trade relationships.

The successful conclusion of the RBSM marks a positive development for Andhra Pradesh's export sector, which has been seeking greater engagement with overseas markets. With increased participation expected in future editions, the initiative aims to create a robust pipeline for MSME-led exports, ultimately contributing to the state's economic growth.