The U.S. Agency for International Development (USAID) and the Indo-American Chamber of Commerce in India (IACC) today renewed their ongoing Memorandum of Understanding (MOU), laying the foundation for an additional five-years of effective collaboration between the American and Indian business communities as the two countries partner to achieve shared global development priorities.
The private sector plays a vital role in addressing the root causes of development challenges through market-based solutions and investments across all sectors. Through enhanced private sector collaboration, the MOU will enhance development outcomes across a range of sectors, including health, climate change, economic growth, education, women’s empowerment, and more.
USAID Mission Director Veena Reddy said, “At USAID, we believe that private enterprise is a powerful force for lifting lives, strengthening communities, and accelerating sustainable development. USAID values our ongoing partnership with the IACC and its members. This MOU leverages the combined capacities of the U.S. Government and the American and Indian private sector to support shared development goals.”
IACC National President Dr. Lalit Bhasin added, “IACC is delighted to partner with USAID for the next five years and beyond for scripting paradigm shifts in the synergy between business communities of both countries to take it to further heights and cover more areas, consolidate and build on the existing areas of cooperation. Together, we will work toward new dynamics, agenda, and pathways to add values at every step of our cooperation.”
As a first step under the renewed MOU, USAID and IACC announced the establishment of a working group focused on engaging local organizations and institutions as partners to promote equitable change. The working group will engage with the IACC members to ideate and develop tools to make programs responsive to local priorities, draw upon local capacities, diverse networks, and resources, with the objective of maximizing impact by empowering and engaging local organizations that can tailor solutions to community needs.
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