The India-Asean Startup Summit launched the ‘India – Malaysia Startup Bridge’, which is expected to bring in potential investment of RM500 million into Malaysia’s startup ecosystem.
This substantial investment, expected to flow either directly or through strategic partnerships, highlights the strengthening entrepreneurial ties between the two nations.
India-Asean Startup Summit (IASS) chair Malliga Subramaniam said the anticipated RM500 million investment signifies immense faith in the collaborative potential of the India-Malaysia startup landscape.
“It’s a major leap forward in nurturing a culture of innovation and entrepreneurship in both countries,” she said in a statement today (Dec 12)
Malliga, who is also the founder of DEWI Wealth Accelerator, which is the organiser of IASS added that the investment is poised to come through a variety of channels, including funding opportunities and partnerships.
“With over 600 startups participating, IASS is not just a gathering but a melting pot of ideas and opportunities. It’s a platform where cross-border collaboration is not just encouraged but actively facilitated.
“The ‘India – Malaysia Startup Bridge’ is set to be a key driver in this landscape, fostering innovative ventures and partnerships,” she added.
The 2023 IASS, a two-day summit, kicked off today at the Sunway Pyramid Convention Centre, aimed at empowering entrepreneurs and promoting cross-border development.
Malaysian startups has the opportunity to delve into India’s thriving digital technology sector and is provided a platform for a reciprocal exchange of ideas and strategies to enhance collaborations between both Malaysian and Indian startups in the sector.
The summit will feature expert-led workshops, networking with industry leaders, interactive panel discussions, and showcases of the latest innovations.
India’s Department of Science secretary Prof Abhay Karandikar said the summit celebrates strong Malaysia-India bond, evidenced by the countries’ USD20 billion bilateral trade (2022-2023).
“This summit is a milestone, strengthening our ties through digital technology. It’s more than a meeting – it’s a launchpad for future economic and technological collaboration between our nations,” Karandikar said his keynote address.
The Indian startup landscape is a diverse and dynamic ecosystem, which has propelled India to become the world’s third largest startup ecosystem with its startup unicorns that has surged to 110 by 2023 from from 11 in 2015.
“Our Commerce and Industry Ministry, through Startup India, has been pivotal in our rise as the third largest startup ecosystem globally.
“States like Telangana and Karnataka, with incubators like T-Hub in Hyderabad, exemplify this growth. At IASS 2023, we showcase these achievements, offering a blueprint for Malaysia to emulate our blend of government support, entrepreneurial energy, and innovation,” he added.
Former science, technology and innovation deputy minister Datuk Arthur Joseph Kurup, who was appointed as the new Agriculture and Food Security Deputy Minister today had delivered key note address and officiated the IASS 2023.
“This summit symbolizes our collective commitment of both Malaysia and India to fostering a global environment that nurtures these entrepreneurial spirits.
“It is a testament to our shared belief in the power of ideas, the strength of innovation, and the potential of startups to accelerate and impact the economic growth,” he said during the launch.
“Science, Technology and Innovation Ministry (Mosti) is fully committed to supporting and nurturing startups in the country.
“We remain dedicated to fostering collaboration, innovation, and entrepreneurship within the startup ecosystem and look forward to collaborating with India and all Asean member states to create a vibrant regional ecosystem that propels our economies to new heights of success,” he added.
