Date: November 17, 2022, Bengaluru
Recognizing that the private sector is a key driving force for India’s inclusive development, today, the U.S. Agency for International Development (USAID) and the U.S India Business Council (USIBC) signed a Memorandum of Understanding (MOU) to strengthen the American and Indian business community’s engagement on key development goals.
Signed during the 25th Bengaluru Tech Summit, the MOU expands opportunities for collaboration between the two organizations and opportunities to connect American and Indian companies with USAID initiatives. Working with leading companies in the U.S.-India corridor, USIBC and USAID will coordinate to identify and expand models for private sector engagement that can make significant contributions to climate resilience, public health, agriculture, and education. Additional areas of focus include expanding financial inclusion, promoting gender diversity, developing open and inclusive digital ecosystems, and integrating Indian state economies into larger global value chains.
USAID Mission Director Veena Reddy said, “For many years, USAID has worked closely with experts in India’s and America’s vibrant private sectors to test and scale innovative development solutions in India, as well as regionally and globally. The MOU signed today with USIBC will leverage our combined capacities to support India’s development goals. With the right mix of technology, innovation, and partnerships, we can not only make a difference, but a lasting impact.”
USIBC Managing Director Ambika Sharma, added, “This collaboration with USAID will help us mobilize more private sector expertise and investments into knowledge transfer, skills, and productivity that ultimately promote inclusive economic growth. We look forward to our partnership with USAID yielding tangible impacts in areas of health, financial inclusion, sustainability, digital skilling, and women’s empowerment.”
While at the Summit, USAID and USIBC announced their first collaboration under the MOU, announcing the establishment of a working group focused on improving digital connectivity. The working group will engage USIBC members to ideate and examine strategies to bridge the gender digital divide and expand overall connectivity across India. This collaboration and the overall MOU is the latest expansion of USAID and USIBC’s existing partnership, which has spanned healthcare, clean energy, and digital inclusion.