The India-Malaysia Startup Bridge, part of the Indian-Asean Startup Summit, aims to attract RM500 million in investments into Malaysia’s startup ecosystem. With a focus on fostering collaboration and innovation, the summit provides Malaysian startups opportunities to tap into India’s digital technology sector. The event also prioritizes empowering women-led startups and serves as a catalyst for cooperation between the two nations.
14 December 2023 – The Indian-Asean Startup Summit (IASS) has commenced the two-day ‘India-Malaysia Startup Bridge,’ aiming to bolster bilateral ties and attract investments of RM500 million into Malaysia’s startup ecosystem. This substantial investment is expected to flow directly or through strategic partnerships between Malaysia and India.
Datin Malliga Subramaniam, Chair of IASS, stated that the anticipated RM500 million investment would signify immense faith in the collaborative potential of the India-Malaysia startup landscape. With over 600 startups participating, IASS serves as a melting pot of ideas and opportunities, actively encouraging cross-border collaboration.
The India-Malaysia Startup Bridge is poised to be a key driver in fostering innovative ventures and partnerships. Malaysian startups will have the opportunity to tap into India’s digital technology sector through export-led workshops, networking with industry leaders, and interactive panel discussions.
A special focus of the summit is on empowering women-led startups, addressing challenges and opportunities in this sector. Malliga highlighted the aim to create a nurturing and supportive environment tailored specifically for women entrepreneurs, addressing the hurdles they often encounter in their entrepreneurial journey.
BN Reddy, the Indian High Commissioner to Malaysia, emphasized that Malaysian startups can benefit from India’s large market and incentives for doing business in new and emerging sectors. He highlighted India’s robust startup ecosystem, ranking third globally, with consistent annual growth and over 115,000 startups recognized by the government.
Bilateral trade between India and Malaysia reached US$20 billion in 2022-2023, with two-way investments growing significantly. The summit is viewed as a catalyst for collaboration and cooperation between Malaysia and India. Deputy Minister of Science, Technology, and Innovation Datuk Arthur Kurup emphasized that startups could leverage Malaysia as a springboard to expand into the Asean region and beyond.
Kurup also noted that the value of startup creation is nearly on par with the gross domestic product of a G7 economy, with startup funding surpassing US$600 billion in 2021. – ref: NST
