KUALA LUMPUR: The Indian-Asean Startup Summit (IASS) has kicked off the two-day 'India-Malaysia Startup Bridge' today, aiming to boost bilateral ties and attract investments of RM500 million into Malaysia's startup ecosystem.
The substantial investment is expected to flow either directly or through strategic partnerships between Malaysia and India.
IASS chair Datin Malliga Subramaniam said the anticipated RM500 million investment will be a testament of immense faith in the collaborative potential of the India-Malaysia startup landscape.
"With over 600 start ups participating, IASS is not just gathering but a melting pot of ideas and opportunities.
"It is a platform where cross-border collaboration is not just encouraged but actively facilitated," she told reporters after the launch of India-Malaysia Startup Bridge today.
She said the India-Malaysia Startup Bridge is set to be a key driver in this landscape, fostering innovative ventures and partnerships.
Malliga said Malaysian startups will have the opportunity to tap into India's digital technology sector as the event featured export-led workshops, networking with industry leaders and interactive panel discussions.
A special focus of the summit is to empower women-led startups, addressing challenges and opportunities in this sector.
Malliga said there is plenty for local startups, especially women-owned businesses to learn from the thriving startup ecosystem in India.
"We aim to create a nurturing and supportive environment tailored specifically for women entrepreneurs.
Women often encounter hurdles in their entrepreneurial journey, and our summit is designed to address these issues head-on," added Malliga.
Indian high commissioner to Malaysia BN Reddy said Malaysian startups can benefit from India as the country offers a large market and several incentives for doing business in new and emerging sectors and is an optimal environment for tech startups to thrive.
"India has the third largest startup ecosystem in the world with a consistent annual growth of 12-15 per cent," he said.
Currently, there are over 115,000 startups in India recognised by the government with 110 startup unicorns, up from 11 in 2015, with valuation of over US$1 trillion, said Reddy.
India and Malaysia enjoy growing trade and investment ties.
Bilateral trade has reached US$20 billion in 2022-2023.
Two-way investments have been growing significantly and Indian startups have been successfully expanding into Malaysia and further into the Asean region.
Deputy Minister of Science, Technology and Innovation Datuk Arthur Kurup said the summit would serve as a catalyst for collaboration and cooperation between Malaysia and India.
"Startups could leverage the potential of Malaysia as a springboard to expand into the Asean region and beyond," added Kurup.
He also said the value of creation of startups is nearly on par with the gross domestic product of a G7 economy with the amount of startups funding surpassing US$600 billion in 2021.