The two-day ‘India-Malaysia Startup Bridge’ event was launched yesterday by the Indian-Asean Startup Summit (IASS) at Sunway Pyramid Convention Centre with the goal of strengthening bilateral ties and drawing RM500 million in investments into Malaysia’s startup scene.
It is anticipated that the significant investment will come from Malaysia and India directly or through strategic alliances.
The expected RM500 million investment, according to IASS chair Datin Malliga Subramaniam, will be evidence of a strong belief in the cooperative potential of the Malaysian-Indian startup scene.
“With more than 600 start-ups taking part, IASS is a melting pot of opportunities and ideas rather than just a gathering.
The 35 Indian participating startups at IASS represent diverse sectors of relevance to India, Malaysia and the Asean region.
They represent the latest innovations in sectors such as enviromental, social and governance (ESG), waste management, generative AI, aviation and space technologies, edu-tech, health-tech.
India’s remarkable startup growth, currently ranking third globally with 116,000 recognised startups and 111 unicorns valued at over US$350 billion, sets the stage for a meaningful engagement during the IASS.
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.
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.
Hanniz Lam, Communications Director at MyAIRA with C. Sushma, First Secretary of the High Commission of India, Kuala Lumpur at the Networking Dinner held on 12 December 2023