SBA and India Sign Agreement to Promote Small Business Cooperation on Global Stage
The Director of the US Small Business Administration (SBA) Isabel Casillas Guzman announced an agreement with the Ministry of Small, Small and Medium Enterprises (MSMEs) of India aimed at strengthening cooperation between the two countries to promote the participation of small businesses in global markets.
This memorandum of understanding (MOU) is SBA’s first official partnership with India and underscores the shared commitment of both nations to empowering entrepreneurs and promoting inclusive economic growth.
The MOU was signed on August 13 by Guzman and representatives of the Indian Ministry of MSMEs in New Delhi.
It builds on discussions held during Indian Prime Minister Narendra Modi’s visit to the United States in 2023, where he and President Biden highlighted the critical role of MSMEs in driving economic development and innovation.
“The United States-India partnership is based on the shared values of democracy, freedom, and opportunity,” Guzman said. “Through our new MOU with India’s Ministry of MSMEs, SBA is presenting to President Biden and Prime Minister Modi a clear commitment to expand our partnership to empower more small businesses and startups around the world. From technological advancements to supporting the inclusive growth of women and other underserved entrepreneurs, we look forward to working with our partners to ensure that business ecosystems are at the center of both countries’ efforts to strengthen investment, trade, procurement, and international trade. in the future.”
Important features of the Agreement:
- Empowering Small Businesses: The agreement focuses on integrating small businesses into the global economy, particularly in emerging sectors such as green energy and digital services. The MOU will facilitate joint initiatives to share expertise in business training, access to finance, trade and export financing, and the use of technology to improve global competitiveness.
- Focus on Women Entrepreneurs: An important part of the agreement is the promotion of women entrepreneurs, which shows the commitment of both countries to promote inclusive economic growth and to ensure that underserved entrepreneurs have opportunities to develop in global markets.
- A Digital Business Matching Platform: The United States and India also agreed to explore the development of a “Digital Business Linking Platform” to create strategic partnerships and business opportunities between US and Indian firms, further improving the involvement of small businesses in international trade.
The MOU will initially cover a period of five years, during which both countries will work together to implement programs and initiatives that will support small businesses in facing the challenges of the global economy, leading to strong and inclusive economic growth in both countries.
