US and India Forge New Partnership to Empower Small Businesses Globally

Isabel Casillas Guzman, head of the US Small Business Administration (SBA), announced a new memorandum of understanding (MoU) with India's Ministry of Micro, Small and Medium Enterprises (MSMEs) on Thursday. The agreement marks the first collaboration of this kind between the SBA and India aimed at promoting MSME participation in the global marketplace.

Signed in New Delhi on August 13, the MoU underscores the United States-India partnership's foundation of shared values such as democracy and economic opportunity. According to an official release, Administrator Guzman highlighted that the deal aligns with President Joe Biden and Indian Prime Minister Narendra Modi's commitment to empowering small businesses and innovative startups worldwide.

The MoU focuses on technology advancements, inclusive growth, especially for women and underserved entrepreneurs, and integrates small businesses into the green energy transition. It includes provisions for shared training, access to capital, trade, and technology, alongside the development of a Business Matching Digital Platform. This initiative builds on discussions from Modi's state visit to the US in 2023 and will continue over an initial term of five years.

(With inputs from agencies.)