By Dr. Suresh Ramanathan: India is hosting the G20 Summit for the first time and foreign dignitaries and delegates have started arriving for the meet. US President Joe Biden is also scheduled to arrive this evening. According to PM Modi’s post on X, the two leaders are scheduled to hold a bilateral meeting today. This is a valuable endeavor that can foster economic growth, technological advancement, and cultural exchange between the two nations. Both India and the USA possess unique strengths and expertise in various fields, and leveraging these strengths can create a win-win situation for both countries.
Some key areas of focus include education and skill Development, joint research initiatives and faculty collaborations, technology and innovation, (IT, AI, biotechnology, renewable energy, infrastructure etc.), entrepreneurship and startups, trade and investment, cultural exchange programs (in arts, media, tourism etc.), Professional exchange programs for working professionals, Knowledge sharing platforms etc.
Some of these are already in place – Indian and American tech companies often work together to develop cutting-edge products and services by establishing research and development centers in each other’s territories to leverage local talent and expertise; Increased partnerships in the startup ecosystem in both countries is evident, with capital and jobs flowing in both directions; Many universities in India and the USA have established partnerships and exchange programs allowing for dual certification and international immersion (Columbia University and the IITs, Chicago Booth and Cornell with Great Lakes Institute of Management etc.); The Indian Space Research Organisation (ISRO) and NASA have partnered on various space missions (ISRO’s Mars Orbiter Mission – Mangalyaan); Healthcare and Medical Research collaborations, clinical trials etc. have benefited both countries through medical advancements and improved healthcare practices (Merck and Biocon to develop and market a biosimilar version of a biologic drug for the treatment of diabetes – affordable medicine); MIT – Tata Center to develop technologically sophisticated solutions to some of India’s most pressing challenges in agriculture, environment, health, energy, water and housing.
Tech Mahindra and Virginia Tech’s 5G Innovation Lab developed and tested 5G solutions for global markets; Defense collaboration including joint military exercises and the sharing of defense technologies has already enhanced the security capabilities of both nations while promoting regional stability; US-India Strategic Energy Partnership (SEP) promotes energy security and access, and facilitates technology transfers in the energy sector leading to joint research projects, clean energy initiatives, and investment in renewable energy; Organisations such as the US-India Business Council (USIBC), a business advocacy organization, TiE Global (The Indus Entrepreneurs), diplomatic missions etc. promote and facilitate dialogues between government and industry leaders, identifying opportunities for association and addressing challenges faced by businesses in both countries. In fact, even Bollywood and Hollywood have created co-produced and cross-border film projects!
Even so, there is so much more that could be done in this space that requires a strategic and proactive approach. Some suggestions for entrepreneurs/corporates to create/strengthen this area:
1. Identify Key Areas of Collaboration where joint efforts using complementary strengths can generate synergies;
2. Engage in Professional Networking individually as well as through business associations and Chambers of Commerce and partner with Educational Institutions to identify opportunities, qualified talent, next & best practices etc.
3. Explore government programs and initiatives that offer grants, funding, and incentives for research, technology development and trade partnerships between India and the US.
4. Organize skill development programs, workshops and training sessions that align with the needs of both countries’ industries.
5. Offer internships and exchange programs that allow students and professionals from both countries to gain experience in different work environments and build long-term relationships and enable knowledge sharing.
6. Create platforms that support startups and entrepreneurs from India and the USA. These platforms can facilitate investment, mentorship and networking for budding entrepreneurs looking to expand their ventures internationally.
7. Along similar lines, create platforms for Industry and Academics to work together to provide sustainable solutions to society’s pressing issues.
8. Utilize social media, professional networks, and online forums to connect with potential collaborators and talent. Building an online presence can help in establishing organizations as credible entity.
9. Keep abreast of policy changes and regulations in both countries – being aware of the legal and regulatory environment will help ensure smooth operations and compliance.
Overall, building talent connections and fostering collaborations between India and the USA requires consistent effort, patience and a commitment to building long-term relationships. By leveraging the strengths of both countries and promoting mutual benefits, this can lead to shared prosperity and advancements in various fields.
(Disclaimer: This Article Is Authored by Dr. Suresh Ramanathan, Dean and Principal, Great Lakes Institute of Management, Chennai. Views Expressed In The Article Are Personal Opinion Of The Author And Zee News Does Not Confirm This.)
