In a bid to culture, expand and enhance the startup ecosystem between India and UAE, the two countries have come under a new ‘India-UAE Start-Up Corridor’ MoU order. As per reports, the FICCI Lead, a technology and business incubator on the national front and the Dubai International Financial Centre (DIFC) from the Emirates, have inked an agreement to support the new business link.
Notably, this agreement comes as an extension to the Comprehensive Economic Partnership Agreement (CEPA), signed recently by India and UAE.
Creating a global market
Coined as a landmark MoU by Mr Ajai Chowdhry, Chairman of FICCI Start-Up Corridor & FICCI Lead, the ‘India-UAE Start-Up Corridor has been identified as the starting point of cultivating better opportunities in the entrepreneurship ecosystems between India and the UAE”.
As such, the programme will shortlist 10 technology and innovation startups to launch the initial phase of the project in Dubai. This will include ventures from various sectors, including financial services, education and logistics, read reports. The idea behind the initiative is to strengthen the partnership between India and UAE, engaging start-ups, investors, incubators, corporations, and entrepreneurs directly and create a global market.
Reportedly, the ‘India-UAE Start-Up Corridor’ will target 50 such validated startups, in India and UAE, through its 5-year course, with the final vision of turning at least 10 of these into unicorns by 2025.
A potential game changer!
Mr Ganesh Raju, Co-Chairman of FICCI Start-Up Committee & FICCI Lead, said, “The India-UAE Start-up Corridor has the potential to be a game-changer. It will bring large pools of funding as well as provide access to markets for start-ups from both countries. It is a perfect opportunity for investors to engage through this corridor and help breed the next generation of valuable companies.”
Notably, this MoU is a follow-up to an earlier agreement of the FICCI LEAD, Indian Angel Network (IAN), Turbostart, India and MCA Management Consultants, UAE which was finalsied in January this year, at Expo 2020 in Dubai. A venture capital fund of $150 million was announced for the same. As such, the new order envisions embolden leadership to promote startups in the nascent stages, and attract higher investments.
Dr Aman Puri, Consul General of India, Dubai said, “I am certain that this MOU between FICCI LEAD and DIFC will foster deeper collaboration between the start-up ecosystems of India and the UAE and bring in opportunities to further the momentum set by interactions during Expo 2020 Dubai. We are excited for the coming years that will witness the emergence of new soonicorns and unicorns in both countries and contribute to finding innovative solutions to global challenges.”
