Cabinet has approved a Memorandum of Understanding (MOU) between the Republic of Indonesia and Republic of Fiji for Cooperation in the field of Small and Medium Enterprises (SMEs).
The MOU covers a relatively new area dealing with the protection of Genetic Resources, Traditional Knowledge and Folklore (GRTFK), and the rights of the GRTFK holders of both Parties.
Cabinet based its decision on a submission by the Attorney – General and Minister for Industry and Trade, Mr Aiyaz Sayed-Khaiyum.
The Attorney – General said that this MOU will encourage employment generation and rural development.
He said that the MOU is timely as it would also provide tremendous opportunities for both Parties to exchange information on policy initiatives on SME development with special focus on genetic resources, traditional knowledge and folklore usages.
The MOU will also allow for exchange of information on policy initiatives on SME development, facilitate technical cooperation and business cooperation, provide opportunities for access to export market, and provide opportunities for SMEs to participate in technical and managerial skills training.
A Joint Coordinating Committee comprising members responsible for SME from both countries shall be formed to coordinate the implementation of the MOU.
-Ends-