MoU Signed Between Ministry of MSME and U.S. Small Business Administration

On August 13, 2024, in New Delhi, Shri S. C. L. Das, Secretary of the Ministry of Micro, Small, and Medium Enterprises (MSME) of India, and Ms. Isabel Casillas Guzman, Administrator of the Small Business Administration (SBA) of the United States, signed a Memorandum of Understanding (MoU) to promote cooperation between the two nations on small and medium-sized enterprises (SMEs). This agreement, following the directives outlined in the India-U.S. Joint Statement of June 2023, aims to enhance collaboration and address key issues related to MSMEs.

The MoU establishes a framework for dialogue on various MSME-related topics and explores opportunities for cooperation. It includes provisions for exchanging expertise to improve MSME participation in the global market through mutual visits, webinars, and workshops. Topics covered will include access to trade and export finance, technology and digital trade, the green economy, and trade facilitation.

A significant aspect of the MoU is its focus on empowering women entrepreneurs. It provides for joint programs designed to support and advance women-owned small businesses in both countries, fostering trade partnerships and mutual growth.

Additionally, recognizing the vital role of MSMEs in promoting inclusive growth, expanding exports, and generating employment, the MoU includes plans to develop a “Business Matching Digital Platform.” This platform aims to enhance business opportunities and facilitate connections between SMEs from India and the United States.

This collaboration underscores the commitment of both governments to bolster MSME development and trade relations, paving the way for increased global integration and economic growth.