India and US Sign Landmark MoU to Transform MSME Sector

What is going to prove to be a giant fillip to the micro, small, and medium enterprises sector, India and the US have inked a key Memorandum of Understanding that will bring about a sea change in MSMEs through innovation, global market expansion, and the empowerment of women entrepreneurs. The MoU, which was the result of PM Narendra Modi's visit to the US last year, laid out a broad framework for cooperation between the two nations on issues such as increasing trade, technological advancement, and support for women-led businesses. The agreement hereby declares the establishment of a strategic partnership covering several key areas. It has the following three main goals: strengthening the presence of MSMEs in foreign markets, creating an enabling environment for new technologies and digital trade, and fostering the green economy. In doing so, it is expected that both countries will enable innovation in the MSME sector and give new opportunities to enterprises to be competitive in overseas markets. An important element of this MoU is to create a "Business Matching Digital Platform" for facilitating business opportunities and collaborations between India and the US. Indeed, it will help put women entrepreneurs from both countries in contact with each other for supporting trade partnerships and hence pave the way for more inclusiveness of women within the business world. The signing of this MoU is significant in many ways for strengthening the relationship between India and the US concerning economic ties, particularly in matters related to entrepreneurship. It shall foster closer relations between the two countries by bringing sustainable growth and development into the MSME sector. With its theme of expertise exchange and cooperation, it will result in the build-up of the MSME sectors and look after the interests of both countries toward attaining their goals in the economy and the global competitiveness of their businesses. Source: India US MoU News Release