India-US join hands to promote cooperation in MSMEs

In an effort to give a further boost to partnership, India, and the US signed a landmark Memorandum of Understanding (MoU), which will enable the Micro, Small and medium enterprises (MSMEs) of the two countries to participate in global markets and foster trade.

"India-US joining hands to promote cooperation in MSMEs," the official spokesperson of the Ministry of External Affairs, Randhir Jaiswal, wrote on X.

"Today, India-US signed a landmark MoU that enables MSMEs of the two countries to participate in global markets, drive innovation, foster trade, and support women entrepreneurs," he added.

S. C. L. Das, Secretary, Ministry of Micro, Small and Medium Enterprises, and Isabel Casillas Guzman, Administrator, Small Business Administration (SBA), United States of America, signed the MoU here in New Delhi.

The MoU provides a framework for both sides to discuss issues concerning micro, small and medium enterprises (MSMEs) and explore possibilities for cooperation.

It envisages the exchange of expertise between the two sides on issues related to improving MSME participation in the global marketplace through mutual visits as well as webinars and workshops on topics including access to trade and export finance, technology and digital trade; green economy, and trade facilitation.

The MoU also provides for the joint conduct of programmes for women entrepreneurs to empower them and facilitate trade partnerships between women-owned small businesses in the two countries.

Recognising the crucial role that MSMEs play in advancing inclusive growth, expanding exports, and boosting employment, the two sides also agreed to explore the development of a "Business Matching Digital Platform" to boost business opportunities.