SAN FRANCISCO (Diya TV) — U.S. Secretary of Commerce Gina Raimondo and Indian Minister of Commerce and Industry Piyush Goyal co-chaired an industry roundtable, officially launching the ambitious “Innovation Handshake” agenda between the two nations. This initiative, previewed during Indian Prime Minister Narendra Modi’s June 2023 State Visit to Washington, aims to enhance technology collaboration between the United States and India.

The event, hosted by the U.S.-India Business Council and the Confederation of Indian Industry, brought together CEOs from major Information Communication Technology (ICT) companies, venture capital executives, and startup founders. Discussions focused on strengthening the U.S.-India technology collaboration and fostering a critical tech partnership.

Secretary Raimondo emphasized the importance of the Innovation Handshake in fortifying interconnected innovation ecosystems. Minister Goyal agreed, highlighting the joint commitment to boosting the startup ecosystem and promoting cooperation in Critical and Emerging Technologies (CET).

The announcement laid the groundwork for upcoming Innovation Handshake events in India and the United States in early 2024. These events will include an investment forum to assist U.S. and Indian startups in bringing innovative ideas and products to market. Additionally, a hackathon in Silicon Valley will provide a platform for startups to pitch solutions addressing global economic challenges.

The Innovation Handshake, developed under the U.S.-India Commercial Dialogue, seeks to connect dynamic startup ecosystems, address regulatory hurdles, and promote innovation and job growth, particularly in emerging technologies. A Memorandum of Understanding (MoU) signed during the event outlines the objectives of “Enhancing Innovation Ecosystems through an Innovation Handshake.”

Minister Goyal’s U.S. visit also saw significant strides in trade and economic ties. Tesla, in particular, is set to double its component imports from India, reinforcing the growing importance of Indian contributions to the electric carmaker’s supply chain. Goyal’s engagements with industry leaders, including Tim Archer, President & CEO of LamResearch, underscore India’s plans in the semiconductor and deep-tech space.

Moreover, India and the U.S. joined 12 other Indo-Pacific Economic Framework for Prosperity (IPEF) partners to sign the IPEF supply chain resilience agreement. This global initiative aims to fortify and strengthen global supply chains, reducing reliance on a single source, particularly China, in the wake of disruptions caused by the COVID-19 pandemic.