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US announces agreement with Indian govt to promote American small businesses internationally
The agreement, signed by Administrator Guzman and the Indian Ministry for MSMEs in New Delhi on Aug.13, marks the SBA’s first collaboration of this kind with India.
Isabel Guzman is the 27th Administrator of the U.S. Small Business Administration. / Facebook/SBA Administrator Isabel Guzman
US and India signed a Memorandum of Understanding(MOU) to promote small and medium-sized businesses on Aug.13.
Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA), announced this MOU between her department and the Indian government's Ministry of Micro, Small and Medium Enterprises (MSMEs)
This MOU aims to strengthen the two countries’ joint efforts to promote MSME participation in the global marketplace. The agreement, signed by Administrator Guzman and the Indian Ministry for MSMEs in New Delhi on Aug.13, marks the SBA’s first collaboration of this kind with India.
“The United States-India partnership is grounded in shared values of democracy, freedom, and opportunity, and through our new MOU with the Indian Ministry of MSMEs, the SBA is delivering on President Biden and Prime Minister Modi’s outlined commitment to expanding our collaboration on empowering more small businesses and innovative startups in the global marketplace,” said Administrator Guzman.
“From advancing technology to supporting inclusive growth for women and other underserved entrepreneurs, we look forward to working alongside our counterparts to ensure entrepreneurial ecosystems are at the center of both countries’ efforts to strengthen investment, commercialization, supply chains, and trade in industries of the future."
The MOU builds on discussions President Biden had with Indian Prime Minister Narendra Modi in 2023 where they emphasized the importance of MSMEs and entrepreneurship in building strong economies for both nations. The agreement also focuses on integrating small businesses into the green energy transition and promoting women’s entrepreneurship.
Under the initial five-year term of the MOU, the United States and India will collaborate to conduct joint programming to share expertise and best practices on entrepreneurial training, access to capital, trade and export financing, and leveraging technology and digital services. These efforts aim to improve small businesses’ participation in the global marketplace.
Additionally, the two parties have agreed to explore the development of a “Business Matching Digital Platform” to boost business opportunities and strategic partnerships between U.S. and Indian firms.
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