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FICCI Lead, the technology and business incubator of Federation of Indian Chambers of Commerce and Industry (FICCI), has signed an agreement with Dubai International Financial Center (DIFC) to launch a new startup corridor
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The initiative aims to strengthen and expand the startup ecosystem between the UAE and India. — File photo
A new initiative called the India-UAE Startup Corridor aims to target at least 50 proven startups in India and the UAE, with the aim of cultivating 10 of them into unicorns by 2025.
FICCI Lead, the technology and business incubator of Federation of Indian Chambers of Commerce and Industry (FICCI), has signed an agreement with Dubai International Financial Center (DIFC) to launch a new startup corridor.
The initiative aims to strengthen and expand the startup ecosystem between the UAE and India. This will further advance the vision of the two leaders under the recently signed Comprehensive Economic Partnership Agreement (CEPA), the FICCI Lead statement said.
The MoU between FICCI Lead and DIFC follows the signing of an agreement between FICCI Lead, Indian Angel Network (IAN), Turbostart, India and UAE MCA Management Consultants on January 26 this year at Expo 2020 Dubai, in which Venture Capital Announced $150 million in funding.
“About 10 innovative technology-led startups from various sectors including financial services, education and logistics have been shortlisted for the inauguration of the India-UAE Startup Corridor in Dubai. This initiative will create an ecosystem that will encourage new startups Interaction between companies, investors, incubators, businesses and entrepreneurs to scale up their operations and strengthen their position in the global market,” the statement said.
The UAE aims to create 20 unicorns by 2031 and has become a leader in the MENA region in technological transformation, digital acceleration and embracing innovative ideas.
“Since DIFC’s inception in 2004, we have been committed to building and maintaining ongoing, long-lasting relationships with the Indian market. Indian banks, insurance companies, law firms and wealth managers have chosen DIFC as their preferred global financial hub, we are pleased to partner with FICCI Lead to build a corridor that will attract more Indian startups to set up here,” said Arif Amiri, Chief Executive Officer, DIFC Authority.
Dr Aman Puri, Consul General of India in Dubai, said the initiative will foster deeper collaboration between the startup ecosystems of India and the UAE and further the momentum generated by interactions during Expo 2020 Dubai Bring opportunities. “We are excited about the coming years as we witness the emergence of new unicorns in both countries and contribute to finding innovative solutions to global challenges.”
Ajai Chowdhry, Chairman, FICCI Innovation Corridor and Head, FICCI, said that this landmark MoU is the beginning of an important partnership between India and the UAE aimed at enhancing opportunities in the innovation and entrepreneurship ecosystem.
“FICCI remains committed to working with our partner DIFC to progressively expand the India-UAE Startup Corridor and help at least 10 new startups transform into unicorns.”
“The India-UAE Startup Corridor has the potential to be a game changer. It will bring in huge amounts of capital and provide market entry opportunities for startups from both countries. This is a great opportunity for investors to leverage Get involved through this corridor and help nurture the next generation of valuable companies.” said Ganesh Raju, Co-Chairman of FICCI Startup Committee and Head of FICCI.
India launched it in January 2016 under the vision of Prime Minister Narendra Modi to boost indigenous ecosystems and encourage innovation and entrepreneurship. India now has the third largest startup ecosystem in the world. Moreover, over the past five years, India has jumped to 63rd position among 190 countries in the World Bank’s ease of doing business rankings, up from 142nd in 2014. In 2020, India also ranked among the top 50 countries in the Global Innovation Index. (GII) of the World Intellectual Property Organization (WIPO).
FICCI has been an active participant in the ecosystem since 2007 and has supported over Rs 125 crore to over 1,000 startups/innovators. Startups supported by FICCI have created more than 140,000 jobs and leveraged more than five times the funding from external markets. More than 100 companies have been granted access to global markets in the United States, South Asia and Africa.
— issacjohn@khaleejtimes.com
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