(IRNA) - India and the United States are to sign a letter of intent (LOI) here Thursday to promote reciprocal trade and opportunities for strategic linkages between small businesses of the United States and small and medium enterprises of India to further economic development and job creation.
Additional Secretary and Development Commissioner (Small Scale Industries) Jawhar Sircar will sign the LOI on behalf of the Ministry of Small Scale Industries while Associate Administrator for International Trade of Small Business Administration (SBA) Manuel A Rosales will sign it on behalf of the US, said an official release here.
The LOI recognizes the need for the Ministry of Small Scale Industries and the US SBA to work together to develop a work plan identifying specific joint activities that will promote small business strategic alliances and institutional cooperation to reinforce the economic bonds between the two countries, reports Trend.
Joint activities planned include exchanging of technical expertise and experience, sharing information on small business programs, products and services, facilitating business alliances, promoting business linkages, identifying investment and commerce opportunities in each country, promoting and facilitating development of cooperation between SBA and Indian SMEs organizing joint trade promotion programs/conferences/expositions.
The Ministry of Small Scale Industries looks forward to developing a strategic partnership with the US SBA not only to make American SMEs aware of the increasing business opportunities in India but also to enable Indian SMEs to help channel resources, create new jobs and access further opportunities for trade and investment with small businesses in the US.
The Ministry of Small Scale Industries also looks forward to sharing experiences with the US SBA, particularly in the latter's efforts towards promotion and facilitation of specialized small business investment companies (SSBICs), equity investment through small business investment companies (SBICs), federal procurement assistance, research and development assistance, business counseling and training, business information services, assistance for women entrepreneurs, assistance for exporters, etc.
While keeping in mind the complimentarity of resources, the Ministry of Small Scale Industries will seek to promote business to business (B2B) cooperation, development of network in capacity, particularly through chambers of commerce and industry, access to new technology and management knowhow by SMEs in India.