India’s aim is to become world’s largest Startup destination: Shri Piyush Goyal

“India-UAE ties to be a defining partnership for the 21st century”

Union Minister of Commerce & Industry, Consumer Affairs and Food & Public Distribution and Textiles, Shri Piyush Goyal today said that the country aspires to become the largest Startup ecosystem in the world.

Addressing a session on ‘Gateway to Growth - Roundtable on Indian Startup Ecosystem’ in Abu Dhabi, UAE, Shri Goyal said, “Today we are the third largest Startup ecosystem, but our aspiration is to be the world’s number one startup destination. The Startup bug has caught India’s imagination. The entire innovation ecosystem that the Startup industry represents is giving a new direction, new momentum to India.”

The session was co-chaired by the UAE Minister of State for Entrepreneurship & SMEs, Ahmad Belhoul Al Falasi (virtual), Dr Thani Zeyoudi, Minister for International Trade, Mohamed Al Sharaf, Chairman, Abu Dhabi Economic Development Department. Representatives of ADGM, ADQ, Mubadala, Masdar, ADIO, AD Residents Office, G42, Hub71, Ardent Advisory, Chimera Investment among others also participated in the session.

Shri Goyal said, “India offers one of the best ecosystems for Startups with a special ‘jugalbandi’ or blend between investors and entrepreneurs to get a balanced outcome and achieve a win-win solution for all. I have seen tremendous response from the Dubai Expo where our Startups have got the opportunity to raise finances, sign MoUs and get angel investments. All these aspects will help strengthen India’s strong bond of friendship with the UAE.”

The Minister appreciated the promotion of Indian Startups by the India Innovation Hub platform under the India Pavilion. “I do hope that the 700 Startups that have showcased their innovation at Expo2020 Dubai would have all gone back enriched with newer opportunities and ideas for the future. I am sure that this initiative between India and the UAE on innovation and future technologies will power growth of businesses and take wings as we go forward,” added the Minister.

He said that the Startups need to experiment, fail and learn from their experiences. “I would urge all of you from the Startup world to go extra mile and take the Startup story to all the remote places, villages, small towns, northeastern India and other regions,” added Shri Goyal.

On the Government’s role in promoting Startups, the Minister said that India aims to provide a level playing field and the best business ecosystem to the Startups.

“We have recently finalized the Comprehensive Economic Partnership Agreement (CEPA) with the UAE, which is expected to further enhance bilateral trade, B2B engagement and explore attractive investment opportunities. I can assure you that we will take this partnership to newer heights in the areas of sustainability, aerospace, space technology, connectivity, AI, data analytics, 5G, Metaverse, etc. We look forward to leveraging each other’s offerings and expertise,” added the Minister.

Shri Goyal said that the UAE-India partnership is destined to play an important role in the global economy and in ensuring a better future for billions of people around the world. “This will be a defining partnership for the 21st century,” added the Minister.

Startup ecosystem ambition: government to secure level playing field and boost India UAE economic partnership for innovation. India aims to become the world's leading startup ecosystem by facilitating an enabling business environment, investor-entrepreneur collaboration and outreach to underserved regions, promoting startups via innovation hubs and national pavilions to catalyse financing and market access. The recently finalised Comprehensive Economic Partnership with the UAE is presented as a key mechanism to deepen bilateral trade, B2B engagement and cross border investment, and to foster cooperation across sustainability, aerospace, connectivity, AI, data analytics and related technologies.