Indian Vice President M Venkaiah Naidu announced the launch of the India-Qatar Startup Bridge on June 5, 2022. The joint initiative aims to link the startup ecosystems of the two countries and help their economies mutually. The bridge between Invest India and Invest Qatar will push start-up sectors in both countries.
The announcement came when Naidu addressed an India-Qatar Business Forum. FICCI, CII and ASSOCHAM, and Qatar Chamber of Commerce and Industry jointly organised the India-Qatar Business Forum. Leading businessmen from both India and Qatar participated in the event.
Purpose of India-Qatar Startup Bridge
The India-Qatar Startup Bridge will act as a conduit for startups in both countries. It acts as a forum for knowledge-sharing, networking, joint programs, exchange of best practices, and capacity-building programs.
Moreover, it will launch masterclasses, innovation challenges to scout more exceptional startups as well as funding. Besides, the Startup Bridge will also help startup ecosystems in Qatar and India to ‘mutually grow, vitalise, and become global innovation leaders’.
Qatar’s FDI in India is more than USD 450 million, and there is great potential for increasing these investments. Invest India and Investment Promotion Agency of Qatar expressed commitment to cooperation to promote two-way investments between both countries.
What the Indian Vice President says about India-Qatar Startup Bridge
“India is the world’s third-largest ecosystem for startups. We have over 70,000 registered startups and 100 unicorns with a total valuation of USD 300 billion. The launch of the India-Qatar Startup Bridge will link both startup ecosystems,” Venkaiah Naidu said while addressing the forum.
M Venkaiah Naidu is on a visit to Doha. A high-level delegation, including Minister of State for Health and Family Welfare Dr Bharati Pravin Pawar as well as three Members of Parliament, Sushil Kumar Modi, Vijay Pal Singh Tomar and P. Ravindhranath, accompany the Indian Vice President on his visit.
What the Indian Officials have to say
Joint Secretary at India’s Department of Promotion of Industry and Trade Shruti Singh said, “Qatar is an important powerhouse in the Middle East. The Qatari startup ecosystem, while fairly young, is growing at a very accelerated pace. India’s startup ecosystem is the third largest startup ecosystem in the world. And the collaboration between these two fast-paced, ever-growing ecosystems will result in both countries’ long-term economic growth and prosperity”.
Additional Director at the Federation of Indian Chambers of Commerce and Industry Alok Priya Azad further said, “Today, InvestIndia and InvestQatar sign the MoU on the startup bridge, which has just been launched. In the coming days, the business meetings will be taking place. Both sides are interested in meeting their counterparts in various sectors of interest. We hope things will work out, and we’ll have more MoUs signed and form new business partnerships.”
What the Qatar Businessmen have to say
Dr Siddeek Ahamed, Chairman of Eram Group who leads the business delegation, said, “India is one of Qatar’s top 3 export destinations, while Qatar is India’s largest LNG supplier. With both countries on the verge of economic transformation, this is the most appropriate time for India and Qatar to come together and partner to help both countries transition into strong and self-sufficient economies.”
Qatari Businessmen Association Chairman Sheikh Faisal bin Qassim Al Thani said, “India is one of the main investment destinations for Qatari investors. We in Qatar are currently witnessing a new chapter in our relations with India, and we hope this forum opens the way to further economic cooperation. Investors from India are always welcome in Qatar.”
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