U.S. Small Business Administration (SBA) Administrator Isabel Casillas Guzman has announced a groundbreaking memorandum of understanding (MOU) with India’s Ministry of Micro, Small, and Medium Enterprises (MSMEs) designed to enhance cooperation between the two nations and foster small business participation in the global marketplace.
This MOU represents the SBA’s inaugural formal partnership with India, emphasizing a mutual dedication to empowering entrepreneurs and promoting inclusive economic growth. The agreement was signed on August 13 during a ceremony in New Delhi, marking a significant milestone in U.S.-India relations.
The MOU builds on pivotal discussions from Indian Prime Minister Narendra Modi’s recent state visit to the United States, where both leaders acknowledged the vital role MSMEs play in economic development and innovation.
“The partnership between the United States and India is anchored in shared values of democracy, freedom, and opportunity,” stated Guzman. “With our new MOU with India’s Ministry of MSMEs, the SBA is advancing the commitment established by President Biden and Prime Minister Modi to boost collaboration, empower small businesses, and nurture innovative startups in the global arena. Our joint efforts will focus on advancing technology, supporting inclusive growth for women and underserved entrepreneurs, and ensuring entrepreneurial ecosystems are prioritized in strengthening investment, commercialization, supply chains, and future-forward trade initiatives.”
Key Highlights of the Agreement:
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Empowering Small Businesses: The MOU aims to integrate small businesses into the global economy, with a particular emphasis on emerging sectors like green energy and digital services. It will enable collaborative programs that provide entrepreneurial training, access to capital, trade and export financing, and the adoption of technology to enhance competitiveness.
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Focus on Women Entrepreneurs: A crucial aspect of the agreement is the promotion of women’s entrepreneurship, highlighting both nations’ commitment to inclusive growth and expanding opportunities for underserved entrepreneurs in the international marketplace.
- Business Matching Digital Platform: The U.S. and India intend to develop a “Business Matching Digital Platform” that will facilitate strategic partnerships and business opportunities between U.S. and Indian firms, further enhancing small business engagement in global trade.
The MOU is initially set to span five years, during which both countries will collaborate on implementing programs and initiatives to aid small businesses in navigating the complexities of the global economy, ultimately leading to robust and inclusive economic growth.
