India-US Formalise SME Cooperation With New MoU

New Delhi, Aug 14 (KNN) The governments of India and the United States have formalised their commitment to strengthening cooperation in the small and medium enterprise (SME) sector.

S. C. L Das, Secretary, Ministry of Micro, Small and Medium Enterprises, and Isabel Casillas Guzman, Administrator, U.S. Small Business Administration, signed a Memorandum of Understanding (MoU) in New Delhi, on Tuesday.

The agreement, which follows directives outlined in the India-US Joint Statement of June 2023, establishes a framework for bilateral discussions on issues affecting micro, small, and medium enterprises (MSMEs).

Key areas of focus include enhancing MSME participation in global markets, facilitating trade and export finance access, promoting technology and digital trade adoption, encouraging green economy initiatives, and streamlining trade facilitation processes.

The MoU also emphasises support for women entrepreneurs, aiming to empower them and foster trade partnerships between women-owned small businesses in both countries.

This collaboration is expected to involve knowledge exchange through mutual visits, webinars, and workshops on various topics relevant to the MSME sector.

Recognising the vital role of MSMEs in driving inclusive growth, expanding exports, and generating employment, both parties have agreed to explore the development of a ‘Business Matching Digital Platform’ to enhance business opportunities.

(KNN Bureau)