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HomeIndia'Start-up series' to promote innovation-led collaboration between India-UAE launched

‘Start-up series’ to promote innovation-led collaboration between India-UAE launched

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New Delhi, Jun 25 (PTI) A “start-up series” to promote innovation-led collaboration between India and the UAE, and support the internationalisation of Indian start-ups, has been launched, according to an official statement.

The UAE-India CEPA Council (UICC), in partnership with the Embassy of the United Arab Emirates in India, launched the ‘UAE-India CEPA Start-up Series’ at an event hosted here, it said.

The initiative delivers on a key commitment under the UAE-India Comprehensive Economic Partnership Agreement (CEPA) to promote innovation-led collaboration and support the internationalisation of Indian start-ups, says the statement dated June 24.

The CEPA is a full and deep agreement which was signed on February 18, 2022, during a virtual summit between Prime Minister Narendra Modi and President of the UAE and Ruler of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan.

It came into force on May 1, 2022.

In his address, Abdulnasser Alshaali, the UAE ambassador to India, underscored the UAE’s commitment to entrepreneurship and cross-border innovation.

“Start-ups are central to the UAE-India economic corridor. Through this series, the UAE-India CEPA Council seeks to connect India’s brightest entrepreneurial minds with the UAE’s world-class ecosystem, supporting their scale-up journeys while enriching our bilateral innovation landscape,” he was quoted as saying in the statement.

The launch comes amid a period of “strong economic momentum” between the UAE and India, it said.

In FY 2023-24, bilateral trade reached USD 83.64 billion, marking a nearly 15 per cent year-on-year increase since the CEPA came into effect, the statement said.

India’s non-oil exports to the UAE surged by more than 20 per cent, while UAE foreign direct investment (FDI) into India tripled, rising from USD 1.03 billion in FY 2021–22 to USD 3.35 billion in FY 2022–23, making the UAE India’s fourth-largest investor, it added.

“These gains further reinforce the UAE’s enduring commitment to championing India’s dynamic start-up ecosystem. Since 2000, UAE-based investors have channelled an estimated USD 20 billion into the Indian economy, fuelling innovation, accelerating growth, and cementing the UAE’s position as a key strategic partner,” the statement said.

Building on its efforts to deepen collaboration with India’s innovation ecosystem, the launch event featured the signing of several Memoranda of Understanding (MoUs) between the UICC and prominent academic and entrepreneurial institutions, including PRIME Meghalaya under the Meghalaya Basin Management Agency (MBMA), IDEATE Lab at O P Jindal Global University, and Jamia Hamdard, it said.

The event concluded with a presentation by Ahmed Aljneibi, director of the UICC, who unveiled the “bold vision and strategic framework” of the start-up series.

He outlined how the initiative will culminate in a high-profile pitch event in New Delhi, where five exceptional start-ups will be selected to receive an exclusive UAE soft-landing package, including incubation support, business licensing, tailored mentorship, and direct access to leading investors, innovation hubs, and free zone networks across the Emirates, the statement said.

The event drew more than 100 participants from across the start-up, investment, policy, and media landscape. Attendees witnessed the unveiling of the official start-up series microsite and the premiere of a promotional trailer calling for applications from high-potential Indian ventures.

Start-ups can now apply through the official microsite. The application window will remain open until July 31, it said.

The Union Ministry of Commerce and Industry, in a statement on February 18, had said, “The India-UAE CEPA has resulted in a new era of economic partnership and diplomacy for both the nations by empowering MSMEs, generating employment and creating new business opportunities.

“India and UAE are committed to enhancing their economic partnership to foster robust trade and opportunities and reach new heights leveraging CEPA,” it said. PTI KND RHL

This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.

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