50 MoUs signed at maiden buyer-seller meet

A total of 50 Memoranda of Understanding (MoUs) with a gross value of over ₹ 15 crore was sewed up with buyers from 16 foreign countries at the first-ever International Reverse Buyer Seller Meet (RBSM) that concluded here recently.

The two-day event hosted by Pondicherry Industrial Promotion Development and Investment Corporation (PIPDIC) under the Raising and Accelerating MSME Performance (RAMP) scheme in partnership with the Federation of Indian Export Organisations (FIEO) also succeeded in opening up significant export opportunities for local Micro, Small and Medium Enterprises.

A press note from PIPDIC said the first-ever RBSM attracted 25 buyers from 16 countries including the United Kingdom, Australia, Singapore, Canada, South Africa, UAE, Spain, Vietnam, and Mauritius.

The MSMEs could now export to international markets in sectors such as textiles, food processing, cosmetics, pharmaceuticals, and engineering goods, PIPDIC said.

Over 320 MSMEs from Puducherry participated in the event that featured more than 500 scheduled one-on-one meetings between buyers and sellers across two days. A host of international buyers engaged in business opportunities with the region’s MSMEs. As a direct consequence of these interactions, MSMEs in the region will have export options to markets, including Australia, UAE, Vietnam, Mauritius and the United Kingdom, PIPDIC said.

The event aimed to facilitate global market access and export opportunities for Puducherry’s MSMEs. Technical sessions on exporting procedures and international market requirements were also organised, empowering entrepreneurs from textiles, handicrafts, leather, pharmaceuticals, and food processing sectors to explore and secure export possibilities.

Several MSME entrepreneurs lacked a clear mechanism to connect with international clientele.

Jenitha, a women entrepreneur and proprietor of Shekinah Shines, was one such participant who said she found the event highly beneficial. The entrepreneur, who had no clear way to connect with international buyers is now seeing several pathways to successful business negotiations. The businesswomen, who also signed an MoU with a company from Mauritius to export herbal products, has urged PIPDIC-FIEO to organise more such events.

For the hosts, the RBSM underscores Puducherry’s emergence as a hub for MSME-led exports, offering local entrepreneurs a robust platform to connect with international markets and drive sustainable growth. They hope that the event not only leads to creation of new market opportunities for Puducherry MSMEs, but enhance both the volume and value of regional exports channelling the port logistics in Puducherry and Karaikal.