The US Agency for International Development (USAID) and the Indo-American Chamber of Commerce in India (IACC) will collaborate for five additional years under a Memorandum of Understanding (MOU)renewed on May 19, to achieve shared global development priorities of the American and Indian business communities. According to the press statement by the US Embassy and Consulates in India, the collaboration aims to enhance development outcomes across a range of sectors, including health, climate change, economic growth, education, and women empowerment.

The associations will establish a working group, which will engage with IACC members to ideate and develop tools to maximize impact by empowering and engaging local organizations that can tailor solutions to community needs. The group will ideate and develop tools to organize programs for local capacities and diverse networks. The US Embassy and Consulates in India noted in its statement that the private sector plays an important role in addressing root causes of development challenges through market-based solutions and investments across all sectors.

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", adding that the agreement leverages the combined capacities of the US Government and the American and Indian private sectors to support shared development goals.

IACC national president Dr Lalit Bhasin expressed delight in partnering with USAID "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." Bhasin said that the two organizations would come up with new dynamics and agendas, adding value to their cooperation.