New Delhi, August 14: In a significant move to strengthen bilateral relations, India and the United States have signed a landmark Memorandum of Understanding (MoU) aimed at enhancing cooperation between micro, small, and medium enterprises (MSMEs) in both countries. The agreement is expected to facilitate greater participation of MSMEs in global markets and drive innovation and trade.
The MoU was signed in New Delhi by S. C. L. Das, Secretary of the Ministry of Micro, Small and Medium Enterprises, and Isabel Casillas Guzman, Administrator of the Small Business Administration (SBA) of the United States. The agreement outlines a collaborative framework for addressing various issues pertinent to MSMEs and exploring avenues for mutual cooperation.
The MoU envisions several key initiatives designed to benefit MSMEs in both nations. These include:
- Exchange of Expertise: The agreement provides for the exchange of knowledge and best practices between India and the US on improving MSME participation in the global marketplace. This will involve mutual visits, webinars, and workshops covering a range of topics such as access to trade and export finance, technology and digital trade, and green economy practices.
- Empowering Women Entrepreneurs: A notable feature of the MoU is its focus on supporting women entrepreneurs. The agreement includes provisions for joint programmes aimed at empowering women in business and fostering trade partnerships between women-owned small businesses in the two countries.
- Business Matching Digital Platform: Recognising the pivotal role of MSMEs in fostering inclusive growth, the two sides have agreed to explore the development of a “Business Matching Digital Platform.” This platform is intended to enhance business opportunities by connecting enterprises from both countries, thereby facilitating trade and investment.
The partnership highlights the crucial role that MSMEs play in both economies. These enterprises are essential for driving inclusive growth, expanding export capabilities, and creating employment opportunities. By enhancing collaboration between Indian and US MSMEs, the MoU aims to leverage their collective strengths to achieve greater global competitiveness.
Randhir Jaiswal, the official spokesperson of the Ministry of External Affairs, shared the news on social media, stating, “India-US joining hands to promote cooperation in MSMEs. Today, India-US signed a landmark MoU that enables MSMEs of the two countries to participate in global markets, drive innovation, foster trade, and support women entrepreneurs.”
S. C. L. Das and Isabel Casillas Guzman, in their remarks, emphasized the importance of this agreement in fostering bilateral trade relations and enhancing the capabilities of MSMEs. They expressed optimism that the MoU would create new opportunities for collaboration and growth in both countries.
The signing of this landmark MoU marks a significant step forward in the India-US partnership, particularly in the realm of micro, small, and medium enterprises. By focusing on innovation, trade facilitation, and the empowerment of women entrepreneurs, the agreement is poised to strengthen economic ties and drive mutual growth. The introduction of a business matching platform further underscores the commitment of both nations to fostering a dynamic and inclusive business environment.
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