The MoU was signed between Piyush Goyal, India’s Minister of Commerce & Industry and the US Secretary of Commerce, Gina Raimondo.
The scope of cooperation would come with a collection of India- US Innovation Handshake occasions, together with hackathon and “Open Innovation” applications, data sharing and different actions.
A Memorandum of Understanding (MoU) on “Enhancing Innovation Ecosystems through an Innovation Handshake” underneath the framework of India – US Commercial Dialogue was signed between the 2 nations on November 14, 2023 in San Francisco.
According to a media temporary issued by the Ministry of Commerce, the MoU was signed on the kick-off trade roundtable titled, “Decoding the “Innovation Handshake”: US – India Entrepreneurship Partnership” in San Francisco.
The MoU was signed between Piyush Goyal, India’s Minister of Commerce & Industry and the US counterpart Gina Raimondo, Secretary of Commerce.
This comes after the leaders’ joint assertion in the course of the official state go to of Prime Minister Narendra Modi to the US in June 2023, which introduced the institution of the “Innovation Handshake”.
At the occasion, co-hosted by the US-India Business Council (USIBC) and the Confederation of Indian Industry (CII) and supported by National Association of Software and Service Companies (NASSCOM) and Startup India, CEOs from main ICT corporations, executives from enterprise capital companies, and founders of startups within the crucial and rising know-how house mentioned the best way to improve US-India know-how collaboration.
The MoU is signed with the target to attach the 2 sides’ dynamic startup ecosystems, handle particular regulatory hurdles to cooperation, share data and greatest practices for startup fundraising and promote innovation and job development, significantly in crucial and rising applied sciences (CET) as recognized underneath India -US initiative for Critical and Emerging Technology (iCET).
The ministry added that the MoU indicators a joint dedication to strengthen the startup ecosystem in deep tech sectors and promote cooperation in CET. It is poised to positively affect financial exercise, appeal to funding, and generate employment, particularly in begin-ups working in CET areas.
The scope of cooperation would come with a collection of India- US Innovation Handshake occasions, together with hackathon and “Open Innovation” applications, data sharing and different actions.
The announcement laid the groundwork for 2 future Innovation Handshake occasions scheduled to happen in India and the United States in early 2024.
The occasions embody an funding discussion board aimed towards serving to US and Indian startup corporations take their revolutionary concepts and merchandise to market and a “hackathon” in Silicon Valley the place US and Indian startups will pitch concepts and applied sciences to assist handle world financial challenges.
This step additionally signifies the dedication of each nations in the direction of fostering innovation, creating alternatives, and selling mutual development within the dynamic area of rising applied sciences.
The “Innovation Handshake” units the stage for a brand new period of collaboration between the United States and India, the assertion added.
Background:
The Commercial Dialogue (CD) is a cooperative enterprise at Ministerial degree between India and the US to facilitate common dialogue to deepen ties between enterprise communities, encompassing common authorities-to-authorities conferences to be held together with non-public sector conferences, with an intention to facilitate commerce, and maximise funding alternatives throughout a broad vary of financial sectors.
The fifth India-US Commercial Dialogue was held on March 10, 2023 in the course of the go to of the US Secretary of Commerce Gina Raimondo between March 8-10.
At the assembly the Commercial Dialogue was relaunched with strategic deal with provide chain resiliency, local weather and clear know-how cooperation, advancing inclusive digital financial system, and facilitating submit-pandemic financial restoration particularly for SMEs and startups.
It included the launch of a brand new Working Group on Talent, Innovation and Inclusive Growth (TIIG) underneath the Commercial Dialogue. It was famous that this Working Group would additionally help efforts of Startups working in the direction of objectives of iCET, significantly in figuring out particular regulatory hurdles to cooperation and fostering larger connectivity between our innovation ecosystems with deal with begin-ups via particular concepts for joint actions.
