'Startup20 initiative will build momentum for entrepreneurship ecosystems in India, Saudi'

NEW DELHI: Prince Fahad Bin Mansour Al-Saud of Saudi Arabia on Monday said the Startup20 initiative will build momentum for entrepreneurship ecosystems in India and Saudi Arabia.

India and the United Arab Emirates (UAE) have taken a step towards enhancing their bilateral ties by signing a memorandum of understanding (MoU) known as the "Startup20 Bridge."

Among the 53 MoUs exchanged between the two nations, this particular agreement aims to strengthen collaboration in the field of startups and innovation.

In an exclusive interview with ANI, on the sidelines of India-Saudi Investment Forum, organised by FICCI, joinlty with DPIIT and the Ministry of Investment of the Kingdom of Saudi Arabia, Prince of Saudi Arabia said that he believes this “initiative will support us in building up the momentum for entrepreneurship ecosystems in both countries.”

This exchange of commitments marks a significant milestone in the economic partnership between India and Saudi Arabia.

The Prince of Saudi Arabia also said, "Today, one of the main goals that we have is to activate this Bridge. The Bridge is done through StartUp India and Invest Saudi. I believe that under the leadership of both Govt organisations, with the Ministry of Investment in Saudi, a lot of things will be there.”

This landmark initiative involves collaboration among key organizations, including the Federation of Indian Chambers of Commerce and Industry (FICCI), Invest India, and the Ministry of Commerce and Industry.

He added that there will be a lot of initiatives that will spark this Bridge and that the two countries would work to see how can entrepreneurs solve a lot of problems being faced.

“We will make sure that Startup20 will become a part of this bridge as well as the G20 Young Entrepreneurs' Alliance," said the Prince of Saudi Arabia.

He also congratulated India for hosting a “successful” G20 Summit, saying, “We are happy to have the welcome from the leaders for the Startup20. Today we are also happy to see the announcement about the StartUp Bridge between Saudi and India.”

This exchange of commitments marks a significant milestone in the economic partnership between India and Saudi Arabia.

“We have seen a lot of MoUs that have been signed…We would like to see the momentum keep on going. We are here to support and we just concluded the Investment Forum between Saudi and India. There were a lot of commitments which we have seen from the ministers and everyone…We are happy to be a part of it…,” he added.

He also said that the outcomes of these MoUs will be announced very soon.

Startup20 is the first of its kind official engagement group initiated under the Indian presidency of the G20 2023. The engagement group acted as the voice of the global startup ecosystem bringing together varied stakeholders on a common platform.