The Indian IT industry is an excellent example of how effective linkages can benefit both India and the US. Following suit, the MSME Ministry headed by Uday Kumar Verma has laid out plans for forging agreements for collaboration during US President Obama’s much awaited visit.
Barack Obama will deliver a special address at a business summit in Mumbai on Saturday, 6th November, organized by industry body, US India Business Council (USIBC) comprising top tier companies of both the countries. The theme of the Summit will be: US-India commercial relationship: a two-way highway creating jobs and opportunities for the societies of both nations. Finance minister Pranab Mukherjee and US commerce secretary Gary Locke will address this day long summit comprising five sessions. The themes of these sessions are tentatively: India’s approach to growth, bilateral engagement through trade and investment, expanding integrated supply chains to small and medium enterprises, elevating the relationship: the path towards implementation, and next generation leadership: the future of innovation and leadership.
The ministry of MSME will try to implement a letter of Intent that had been signed in 2007 between the Ministry and the US into a MoU (Memorandum of Understanding). Uday Kumar Verma, secretary MSME ministry said, ‘A draft MoU has already been sent to the ministry of external affairs and is under consideration. The objective of the MoU would be to initiate institutional co-operation between Small Business Administration (SBA) - the US government agency that supports small businesses and the ministry of MSME, India. The memorandum will facilitate forging strategic linkages between US small businesses and Indian SMEs for fostering job creation and economic prosperity. The sectors identified for bilateral trade and alliances are food processing, low cost manufacturing, biotechnology, nanotechnology and healthcare.
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