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India and USA to sign letter of intent on small and medium enterprises

New Delhi
January 23, 2007
(Press Information Bureau)

India and the United States of America will sign a Letter of Intent (LOI) here tomorrow 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. Mr. Jawhar Sircar, Additional Secretary & Development Commissioner (Small Scale Industries) will sign the LOI on behalf of the Ministry of Small Scale Industries while Mr. Manuel A. Rosales, Associate Administrator for International Trade of Small Business Administration (SBA), would sign it on behalf of USA. 

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, like exchanging technical expertise and experience, sharing information on the small business programs, products and services, facilitating business alliances promoting business linkages identifying investment and commerce opportunities in each country, promoting and facilitating the development of cooperation between SBA and Indian SMEs organizing joint trade promotion programs/ conferences/expositions, etc. 

The Ministry of Small Scale Industries would look forward to developing a strategic partnership with the US SBA not only to make the American SMEs aware of the increasing business opportunities in India but also to enable the Indian SMEs to help channel resources, create new jobs and access further opportunities for trade and investment with the small businesses in US. The Ministry of Small Scale Industries would also look forward to sharing the experience with the US SBA, particularly in the latter’s efforts towards the 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 & Training, Business Information Services, Assistance for Women Entrepreneurs, Assistance for Exporters, etc. While keeping in mind the complimentarity of the resources, the Ministry of Small Scale Industries would seek to promote Business to Business (B2B) cooperation, development of network in capacity, particularly through Chambers of Commerce & Industry, access to new technology and management no how by SMEs in India, etc.