The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) signed between India and the USA for co-hosting the Global Entrepreneurship Summit (GES) 2017 in India. The MoU delineated the responsibilities, areas of co-operation including logistics and venue related requirements between the parties for smooth conduct of the Summit.

The GES-2017 provided excellent opportunity to entrepreneurs and investors to have meetings with global industry leaders, networking sessions, pitching competitions, strategic workshops and sector-specific programs for forging new collaborations. The Summit provided a forum to enhance economic opportunities to young entrepreneurs, especially women entrepreneurs and marginalized groups in the long run.

Background

The GES-2017 was held during 28-30 November, 2017 in Hyderabad. It was attended by more than 1500 registered delegates from 150 countries in addition to CEOs of MNCs, policy makers and Government officials.

A decision to host the Eighth Edition of the GES in 2017 in India was taken at the meeting between the Prime Minister Shri Narendra Modi and the then US President Barack Obama on 7th June, 2016 under the Joint Declaration. This was reiterated by the Prime Minister during his visit to the USA from 25-27 June 2017 and he invited Ms. Ivanka Trump, Adviser to the US President to lead the US delegation to the GES in India.

The GES is a pre-eminent forum for emerging entrepreneurs. The Summit provided opportunities for meeting with global industry leaders, networking of international entrepreneurs, innovators, investors. The summit also provided forum for pitching competition, strategic workshops and sector-programmes to help in creating new collaborations amongst entrepreneurs and Investors. The Summit provided for significantly increased economic opportunities for young entrepreneurs, especially, women entrepreneurs and start-ups.

Ex post facto approval of MoU confirms bilateral responsibility allocation for co hosting and coordinating the entrepreneurship summit. The Union Cabinet granted ex post facto approval to the Memorandum of Understanding between India and the United States for co hosting the Global Entrepreneurship Summit 2017, which delineated bilateral responsibilities and areas of cooperation including logistics and venue requirements to ensure the Summit's smooth conduct and operational coordination.