FICCI LEAD, the Federation of Indian Chambers of Commerce and Industry's (FICCI) technology and business incubator, the Dubai International Financial Centre (DIFC) have signed a MoU to establish the "India-UAE Start-Up Corridor." The initiative's goal is to improve and expand the start-up ecosystem between India and the United Arab Emirates. It will also help to realize the vision of both countries' leaders, as outlined in the recently signed Comprehensive Economic Partnership Agreement (CEPA).
An initiative between India and the UAE to improve and extend the start-up ecosystem has been announced, which would further the ambition of both countries' leaders under the recently signed Comprehensive Economic Partnership Agreement (CEPA). Around ten technology-driven creative start-ups from a variety of industries, including financial services, education, and logistics, have been shortlisted for the India-UAE Start-Up Corridor's inauguration in Dubai. It will invest in a minimum of 50 validated start-ups in India and the UAE over the next five years, with the goal of turning ten of them into unicorns (start-ups worth more than $1 billion).
“The India-UAE Start-up Corridor has the potential to be a game-changer. It will bring large pools of funding as well as provide access to markets for start-ups from both countries. It is a perfect opportunity for investors to engage through this corridor and help breed the next generation of valuable companies,” said Ganesh Raju, co-chairman of FICCI Start-Up Committee & FICCI Lead.
By 2031, the UAE aims to create 20 unicorns, and it is already the MENA region's leader in terms of technological change, digital acceleration, and accepting creative ideas. The launch of the India-UAE Start-Up Corridor in Dubai will feature about ten tech-enabled firms from a variety of industries, including financial services, education, and logistics.
This agreement would build an ecosystem that would encourage start-ups, investors, incubators, corporations, and entrepreneurs to collaborate in order to scale their businesses and increase their position in the global market.
The CEPA is anticipated to increase 90 percent of exports and imports between the two nations when it enters into force in May 2022. Bilateral investment and tourism exchange are also anticipated to profit from the trade agreement.
CEPA is the UAE's first bilateral trade agreement with India, and it is expected to boost bilateral goods trade to over US$100 billion and services trade to over US$15 billion over the next five years.