New Delhi, Dec 16 (KNN) The Union Cabinet approved the draft Memorandum of Understanding (MoU) between the United States of America and the Republic of India to enhance innovation ecosystems through an innovation handshake.

The MoU aims for a strategic focus on supply chain resiliency, climate and clean technology cooperation, advancing inclusive digital economy, and facilitating post-pandemic economic recovery especially for SMEs and start-ups.

The scope of cooperation would include a series of India- U.S. Innovation Handshake events, round tables with private sector, including hackathon and “Open Innovation” programs, information sharing and other activities.

The MoU laid the groundwork for two future Innovation Handshake events scheduled to take place in India and the United States in early 2024.

The events include an investment forum aimed toward helping U.S. and Indian startup companies take their innovative ideas and products to market and a “hackathon” in Silicon Valley where U.S. and Indian startups will pitch ideas and technologies to help address global economic challenges.

The MoU would contribute significantly strengthening Commercial opportunities in high tech sector.

(KNN Bureau)