The Asian American Hotel Owners Association (AAHOA), the world’s largest hotel owners group, has welcomed a historic agreement between the U.S. and India aimed at boosting the international presence of small businesses. On August 16, the U.S. Small Business Administration (SBA), led by Administrator Isabel Casillas Guzman, signed a Memorandum of Understanding (MOU) with India’s Ministry of Micro, Small, and Medium Enterprises (MSMEs). This milestone is set to foster strategic partnerships and collaborative efforts between the two democracies, expanding opportunities for small businesses on the global stage.
This MOU, the SBA’s first formal partnership with India, stems from the 2023 state visit between U.S. President Joe Biden and Indian Prime Minister Narendra Modi. The agreement aims to enhance MSME participation in global markets, improve investment opportunities, integrate supply chains, and explore new trade avenues.
Miraj S. Patel, Chairman of AAHOA, highlighted the importance of this partnership in fostering entrepreneurial growth. “This MOU underscores the importance of bilateral trade between the U.S. and India, focusing on entrepreneurial training, access to capital, and leveraging technology to help small businesses compete globally,” he said.
Administrator Guzman, speaking at the AAHOACON22 event, emphasized the critical role of small business owners and hoteliers in the U.S. economy. “As the federal agency dedicated to delivering the American Dream of business ownership, we are committed to providing the necessary resources for small businesses to thrive,” she noted.
AAHOA President and CEO Laura Lee Blake also praised the MOU for its focus on promoting women’s entrepreneurship, calling it crucial for driving inclusive growth in the global economy.
AAHOA continues to advocate for policies that empower small businesses, ensuring their success in an increasingly interconnected world.
Source: The UNN
