PayPal, a global leader in digital payments today signed a Memorandum of Understanding (MoU) with the Indian Institute of Foreign Trade (IIFT), an autonomous body under the Ministry of Commerce & Industry to jointly launch the India Digital Trade Facilitation Forum (IDTFF) for micro, small & medium enterprises (MSMEs). The partnership is aimed at providing education, training and capacity building to empower MSMEs and help scale their businesses across global markets using digital platforms.
The IDTFF will 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. IDTFF will work on research which deep dives into the issues faced by India’s small exporters, and offer insights into what solutions need to be worked on. Additionally, virtual webinars will be hosted with industry experts, traders and policymakers on ongoing challenges and policy discussions.
Speaking on the launch of the platform, Shri Bdiyut Behari Swain, Secretary of Ministry of MSME said, “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”
Commenting on the MoU, Nath Parameshwaran, Senior Director, Corporate Affairs, PayPal India said, “It is an opportune time for MSME’s to leverage cross border eCommerce to grow exports supported by an enabling export policy framework. We have inked a strategic MoU with the Indian Institute of Foreign Trade to provide a platform for micro exporters, women entrepreneurs and freelancers to empower, educate and skill them with global best practises, digital tools to be more competitive in international markets. The MSME community will play a key role in realising PM Modi mission of $400B exports target by this year and his long-term vision of US$ 5 trillion economy.
Echoing a similar view, Professor Manoj Pant, Vice-Chancellor, IIFT, 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 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, undoubtedly has become the need of the hour. I am hopeful that the Digital Trade Facilitation Forum will empower India’s MSME exporter community.”