U.S., India agree to expand small-biz opportunities

A new agreement between the Small Business Administration and India holds the potential for more technology exchanges and government contracting opportunities.

SBA and India’s Ministry of Small Scale Industry said they intend to increase cooperation and identify opportunities for strategic alliances between U.S. small businesses and Indian enterprises.

In a letter of intent that the two countries signed, they pledged to exchange technical expertise and experience in small-business development strategies. They will also share information on programs and services, accessing capital, technical assistance, research and development of technology, and government contracting.

SBA said it will work with the Indian ministry to identify investment opportunities for U.S. small businesses in India, promote strategic alliances and cooperation between small and medium businesses in both countries and help create more jobs.

The letter of intent was signed last week at the American Chamber of Commerce international summit in New Delhi by Jawhar Sirca, additional secretary and development commissioner of the Ministry of Small Scale Industry, and Manuel Rosales, SBA’s associate administrator for international trade.

According to the Commerce Department, United States/India trade reached an all-time high of $26 billion in 2005, with about $8 billion in U.S. exports.