The U.S. Small Business Administration (SBA) has signed a new agreement with India to promote collaboration and growth for small businesses in both countries.
Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the representative for America’s more than 34 million small businesses, announced a landmark agreement with India’s Ministry of Micro, Small and Medium Enterprises (MSMEs). This new Memorandum of Understanding (MOU), signed on August 13 in New Delhi, marks the SBA’s first formal collaboration with India and is set to enhance joint efforts in promoting small and medium-sized enterprises (SMEs) in the global marketplace.
Key aspects of the agreement
- Focus on Green Energy and Women Entrepreneurs: The MOU emphasizes integrating small businesses into the green energy transition and promoting women’s entrepreneurship, reflecting a mutual commitment to fostering sustainable and inclusive economic growth.
- Joint Programming: Over the initial five-year term, the agreement will facilitate joint programming to share expertise on entrepreneurial training, access to capital, trade and export financing, and the use of technology and digital services to enhance global competitiveness.
- Business Matching Digital Platform: Both nations have agreed to explore the development of a “Business Matching Digital Platform” designed to create strategic partnerships and business opportunities between U.S. and Indian firms, further boosting small business engagement in international trade.
Strengthening ties
The MOU, signed on August 13 in New Delhi, marks a milestone in U.S.-India relations, building on discussions from Indian Prime Minister Narendra Modi’s state visit to the United States in 2023. During that visit, both Modi and President Biden underscored the critical role of MSMEs in driving economic growth and innovation.
The MOU is set to cover an initial five-year term, during which both countries will collaborate on implementing various programs and initiatives. These efforts will assist small businesses in navigating the complexities of the global economy, with the goal of fostering stronger and more inclusive economic growth in both the United States and India.
“The United States-India partnership is grounded in shared values of democracy, freedom, and opportunity, and through our new MOU with the Indian Ministry of MSMEs, the SBA is delivering on President Biden and Prime Minister Modi’s outlined commitment to expanding our collaboration on empowering more small businesses and innovative startups in the global marketplace,” said Administrator Guzman. “From advancing technology to supporting inclusive growth for women and other underserved entrepreneurs, we look forward to working alongside our counterparts to ensure entrepreneurial ecosystems are at the center of both countries’ efforts to strengthen investment, commercialization, supply chains, and trade in industries of the future.”
SBA Administrator Isabel Casillas Guzman highlighted the significance of the agreement: “The United States-India partnership is rooted in our shared values of democracy, freedom, and opportunity. Through this new MOU, the SBA is advancing on President Biden and Prime Minister Modi’s commitment to expanding our collaboration. We aim to empower small businesses and startups, support technological advancements, and promote inclusive growth, especially for women and underserved entrepreneurs.”
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