VLADIVOSTOK: The SME Bank of Malaysia and SME Bank of Russia Friday signed a memorandum of understanding on the sidelines of the APEC 2012 Summit here.
On hand to witness the signing was Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed.
The MoU was aimed at setting a platform for the two parties to cooperate in the development of small and medium enterprises (SMEs) in their respective countries.
Managing Director of SME Bank Malaysia, Datuk Mohd Radzif Mohd Yunus, signed on behalf of his bank, while SME Bank of Russia was represented by its Chairman of the Managing Board, Sergey Pavlovich Krujukov.
The MoU is expected to provide opportunities for both parties to share information and expertise in the development of entrepreneurs in their countries, said Mohd Radzif.
He said there are vast opportunities for trade between the two countries, and the MoU is only the first step towards collaboration.
Mustapa said SMEs have an important role to play in the economy especially in the supply chain. –Bernama
SME Bank Malaysia, which from 2005 to 2011 approved 7,546 loan applications with a total approved amount of RM13.6 billion, has been mandated to nurture and develop entrepreneurs in Malaysia.