A new MoU between India and the US aims to transform the MSME sector, promoting innovation, expanding global market access, and empowering women entrepreneurs through strategic cooperation and digital initiatives
In a groundbreaking move, India and the US have signed a landmark Memorandum of Understanding (MoU) to enhance cooperation in the micro, small, and medium enterprises (MSME) sector. This agreement, a result of Prime Minister Narendra Modi’s visit to the US last year, sets the stage for increased trade, innovation, and support for women entrepreneurs across both nations.
The MoU provides a comprehensive framework for collaboration, focusing on boosting MSME participation in global markets, advancing technology and digital trade, and fostering a green economy. External Affairs Ministry Spokesperson Randhir Jaiswal emphasised that the agreement would empower MSMEs to drive innovation and tap into global opportunities, reflecting the growing significance of these enterprises in both economies.
Recognising the pivotal role MSMEs play in promoting inclusive growth, the pact also outlines the creation of a "Business Matching Digital Platform" to enhance business opportunities and collaborations between the two countries. This initiative is particularly aimed at supporting women entrepreneurs by facilitating trade partnerships between women-owned small businesses.
The signing of this MoU marks a significant step in strengthening India-US ties, particularly in the economic and entrepreneurial domains. With a focus on exchanging expertise and fostering cooperation, this partnership is expected to propel the MSME sector to new heights, driving sustainable growth and development in both nations.