India-US sign agreement to elevate startup collaboration
India has entered into an agreement with the United States to enhance its startup ecosystem by fostering increased collaboration in vital technologies.
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India and the United States have officially signed an agreement aimed at strengthening the startup ecosystem through enhanced collaboration in crucial technologies, according to the Ministry of Commerce.
US Commerce Secretary Gina Raimondo and Indian Commerce and Industry Minister Piyush Goyal inked the agreement. Minister Goyal, leading an industry roundtable, formally introduced the ambitious ‘Innovation Handshake’ agenda, a concept previously outlined by US President Joe Biden and Indian Prime Minister Narendra Modi in June.
The agreement outlines a commitment between the two nations to exchange information and share best practices in startup fundraising, with a specific focus on fostering innovation and job growth. This emphasis extends to critical and emerging technologies (CET) identified under the India-US Initiative for Critical and Emerging Technology.
The memorandum of understanding, signed to bolster innovation ecosystems through the Innovation Handshake, marks a significant stride in fortifying the India-US partnership for the 21st century, according to Minister Goyal.
The collaborative event, co-hosted by the US-India Business Council and the Confederation of Indian Industry on Tuesday, provided a platform for CEOs of major ICT companies, executives from venture capital firms, and founders of startups in critical and emerging technology to explore avenues for enhancing technology collaboration between the two countries.