Indian Vice-President Launches India-Qatar Startup Bridge

(MENAFN- The Peninsula) Lani Rose R Dizon | The Peninsula

Doha: Indian Vice-President H E Venkaiah Naidu yesterday launched the India-Qatar Startup Bridge in the presence of the Minister of Commerce and industry H E sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani and other officials during the India-Qatar Business Forum.

“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 $300bn. The launch of the India-Qatar Startup Bridge will link both startup ecosystems,” Naidu said addressing the forum. Yesterday, a Memorandum of Understanding (MoU) was signed between the Investment Promotion Agency of Qatar (InvestQatar) and InvestIndia regarding the new startup platform which also marked a new chapter in bilateral relations between both countries. 

Also speaking during the event, Joint Secretary at India's Department of Promotion of Industry and Trade Shruti Singh said:“Qatar is an important power house 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 and ever-growing ecosystems will result in long-term economic growth and prosperity between both countries”. 

The India-Qatar Startup Bridge will act as a conduit for startups in both countries and provide knowledge sharing opportunities, networking opportunities, joint programs, exchange of best practices, and capacity building programs. It will launch masterclasses, innovation challenges to scout more exceptional startups as well as funding. It will also help startup ecosystems in Qatar and India to 'mutually grow, vitalise, and become global innovation leaders'. 

Speaking about trade exchange between Qatar and India, Dr. Siddeek Ahamed, Chairman of Eram Group who leads the business delegation, sressed that 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 economy,” Ahamed added. 

Also addressing the forum, Qatar Chamber Chairman Sheikh Khalifa bin Jassim Al Thani noted that both countries are boosting their relations in all aspects and industries. He added that Indian companies in Qatar operate in various fields including trade, contracting, IT, communication, and telecommunications among others.

He added that there are also a number of successful Qatari companies in the Indian market. Sheikh Khalifa also called on entrepreneurs from both countries to invest and participate in joint ventures in both markets. 

Qatari Businessmen Association Chairman Sheikh Faisal bin Qassim Al Thani added that 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,” Sheikh Faisal added.

Speaking to The Peninsula on the sidelines of the event, Additional Director at the Federation of Indian Chambers of Commerce and Industry Alok Priya Azad said the business delegation hopes to close more deals in the coming days. 

“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,” Azad said.

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