India and the United States have launched a joint initiative for cooperation between small and medium enterprises, commerce minister Anand Sharma said.
The initiative — Integrating US and Indian Small Businesses into the Global Supply Chain — is aimed at expanding trade and job-creating opportunities for US and Indian small and medium-sized companies, the minister said.
Noting that SMEs in India account for substantial part of domestic production and for 40 per cent of the manufacturing and exports, the minister said that SMEs, particularly the medium enterprises, are great incubators of technologies. Therefore, an initiative like this would make bilateral trade and commerce more meaningful.”We will ensure that the nodal groups that are responsible for the SMEs in both countries meet regularly to take it forward,” Sharma told journalists during a press conference in New York at the end of his three-day visit to Washington. Sharma was in Washington mainly to sign India-US Trade Policy Forum Framework for Cooperation on Trade and Investment with his counterpart to strengthen the overall trade and investment cooperation. In New York, he also met Indian business leaders and entrepreneurs during a meeting organized by the Confederation of Indian Industry and Federation of Indian Chambers of Commerce and Industry. Source: Indian Press Coverage