THE U.S. SMALL Business Administration recently signed a memorandum of understanding with India’s Ministry of Micro, Small, and Medium Enterprises to boost the two countries' MSME participation in the global marketplace. The five-year agreement is the SBA’s first collaboration with India and focuses on investment, commercialization, supply chains and future trade opportunities.
AAHOA praised the agreement, highlighting the importance of U.S.-India collaboration in supporting small businesses, including hotels.
The MOU was signed by SBA Administrator Isabel Casillas Guzman and India’s Ministry for MSMEs in New Delhi on Aug. 13.
“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 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."
"This MOU underscores the importance of bilateral trade between the U.S. and India and the importance of the two countries working together to support small businesses," said Miraj Patel, AAHOA’s chairman. "With a focus on entrepreneurial training, access to capital, trade and export financing, and leveraging technology and digital services, this partnership will significantly enhance small businesses' ability to compete globally."
Modi received a warm welcome from the American diaspora during his state visit last June, further strengthening India-U.S. bilateral relations.
Digital platform on anvil
Under the five-year agreement, the U.S. and India will conduct joint programs to share expertise and best practices in entrepreneurial training, access to capital, trade and export financing, and leveraging technology and digital services, SBA said in a statement. The countries also agreed to explore creating a "Business Matching Digital Platform" to increase business opportunities and partnerships between U.S. and Indian firms.
The agreement also places a particular focus on integrating small businesses into the green energy transition and promoting women’s entrepreneurship.
"AAHOA commends the SBA and India's Ministry of MSMEs for this visionary agreement," said Laura Lee Blake, AAHOA’s president and CEO. "We are particularly encouraged by the emphasis on promoting women's entrepreneurship, which is crucial for driving inclusive growth in the global economy."
In her AAHOACON22 address, Guzman highlighted the role of hoteliers in the U.S. economy.
"As the federal agency dedicated to delivering the American Dream of business ownership, we are committed to ensuring you have the capital, growth opportunities, and support networks needed to start, grow, and build thriving businesses," she said.
In January, AAHOA's former Chairman Bharat Patel and Treasurer Kamalesh “KP” Patel met with Gujarat Chief Minister Shri Bhupendrabhai Patel and other officials to create the association’s “Made in India” agreement, which offers access to Indian products and workforce training.
