A new agreement titled “Enhancing Innovation Ecosystems through an Innovation Handshake” has been established under the India – U.S. Commercial Dialogue, following a ceremonial signing in San Francisco on November 14, 2023. This initiative, which was first announced during the Prime Minister’s historic state visit in June 2023, aims to foster a robust partnership in innovation between the two countries.
In a landmark move to strengthen collaborative innovation, India and the United States have signed a Memorandum of Understanding (MoU) titled “Enhancing Innovation Ecosystems through an Innovation Handshake.” This agreement, formalized on November 14, 2023, in San Francisco, marks a pivotal moment in the India-U.S. Commercial Dialogue.
It aims to interconnect the dynamic startup landscapes of both nations, focusing on critical and emerging technologies. This strategic partnership, emerging from the Prime Minister’s historic state visit earlier in June 2023, sets the stage for a new era of bilateral cooperation in technology and innovation, promising to drive economic growth and job creation in both countries.
The agreement focuses on connecting dynamic startup ecosystems, overcoming regulatory challenges, sharing best practices in startup fundraising, and promoting job creation in critical and emerging technology sectors. The MoU was signed at an industry roundtable in San Francisco, co-hosted by key business councils and supported by influential industry associations. The event saw discussions on augmenting U.S.-India technology collaborations.
This MoU lays the foundation for future collaborative events, including hackathons and investment forums in 2024, designed to propel innovative startups in both nations. It marks a significant step in reinforcing the commitment of India and the U.S. to drive innovation and economic growth in emerging technologies. The Commercial Dialogue, an initiative to strengthen India-U.S. business relations, also plays a pivotal role in this endeavor, with a focus on various economic sectors and the establishment of a new Working Group on Talent, Innovation and Inclusive Growth.
