New Delhi: In a significant step towards enhancing bilateral economic ties, S. C. L Das, Secretary, Ministry of Micro, Small and Medium Enterprises (MSME), Government of India, and Isabel Casillas Guzman, Administrator, Small Business Administration (SBA), Government of the United States of America, signed a Memorandum of Understanding (MoU) to promote cooperation on small and medium-sized enterprises (SMEs). The MoU was signed in New Delhi on August 13, 2024, following the direction provided in the India-US Joint Statement of June 2023.
Framework for Cooperation
The MoU establishes a framework for both countries to engage in dialogue on issues concerning MSMEs and to explore potential avenues for cooperation. This agreement will facilitate the exchange of expertise between the two nations, particularly in improving MSME participation in the global marketplace. The cooperation will be facilitated through mutual visits, webinars, and workshops focusing on key areas such as:
- Access to Trade and Export Finance: Enhancing the ability of MSMEs to access financial resources for trade and exports.
- Technology and Digital Trade: Promoting the adoption of advanced technologies and digital platforms to boost MSME productivity and competitiveness.
- Green Economy: Encouraging sustainable practices and the integration of MSMEs into the green economy.
- Trade Facilitation: Simplifying and streamlining processes to ease the participation of MSMEs in international trade.
A crucial aspect of the MoU is its focus on empowering women entrepreneurs. The two sides agreed to jointly conduct programs specifically designed for women entrepreneurs, aiming to empower them and facilitate trade partnerships between women-owned small businesses in both countries. This initiative underscores the commitment of both India and the U.S. to foster inclusive growth and ensure that women entrepreneurs have equal opportunities to thrive in the global market.
Recognizing the vital role that MSMEs play in driving inclusive growth, expanding exports, and creating employment, the two countries also agreed to explore the development of a “Business Matching Digital Platform.” This platform aims to enhance business opportunities by connecting MSMEs from both nations, facilitating collaborations, and boosting trade.
The signing of this MoU marks a significant milestone in the India-U.S. partnership, reflecting the shared commitment to supporting MSMEs and fostering a robust, inclusive, and sustainable economic relationship between the two countries.