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India, US sign pact to strengthen startup ecosystem
The development showcases the nations commitment towards fostering innovation, creating opportunities, and promoting mutual growth in the dynamic field of emerging technologies.
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India's Commerce and Industry Minister Piyush Goyal and United States Secretary of Commerce Gina Raimondo with other delegates at the bilateral meeting. / (Image: X/@PiyushGoyal)
India and the United States have signed a memorandum of understanding (MoU) on “enhancing innovation ecosystems through an "innovation handshake” under the framework of India – US Commercial Dialogue.
The agreement was signed by Commerce and Industry Minister of India, Piyush Goyal, during a conference titled “Decoding the Innovation Handshake: US – India Entrepreneurship Partnership" in San Francisco, co-hosted by the US-India Business Council (USIBC) and the Confederation of Indian Industry (CII).
According to an official statement, the agreement signals a joint commitment to strengthen startup ecosystem in deep tech sectors and promote cooperation in Critical and Emerging Technologies (CET). The scope of cooperation would include a series of India- U.S. Innovation Handshake events, including hackathon and “Open Innovation” programs, information sharing and other activities.
The pact is aimed to connect the two sides’ dynamic startup ecosystems, address specific regulatory hurdles to cooperation, share information and best practices for startup fundraising and promote innovation and job growth.
The development showcases the nations commitment towards fostering innovation, creating opportunities, and promoting mutual growth in the dynamic field of emerging technologies, the release stated.
The conference supported by the National Association of Software and Service Companies (NASSCOM) hosted industry leaders, executives from venture capital firms, and founders of startups in the critical and emerging technology space to discuss how to enhance US-India technology collaboration.
Held a bilateral meeting with US Secretary of Commerce @SecRaimondo on the sidelines of the IPEF Ministerial Meeting and discussed the growing India-US commercial cooperation & business engagement.
— Piyush Goyal (@PiyushGoyal) November 15, 2023
An MoU on “Enhancing Innovation Ecosystems through an Innovation Handshake” was… pic.twitter.com/TCIiXPQkmo
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