NEW DELHI: In a significant move aimed at nurturing the startup ecosystems in India and Saudi Arabia, the two nations unveiled the Startup Bridge initiative at an investment summit held in New Delhi on Monday.
Under this program, India’s Commerce and Industry Ministry, Invest India and the Federation of Indian Chambers of Commerce and Industry will establish an investment and trade promotion office in Riyadh.
Concurrently, Saudi Arabia will also open an investment facilitation office in India.
Speaking to Arab News on the sidelines of the India-Saudi Investment Forum, Prince Fahad bin Mansour, the Kingdom’s representative to the G20 Startup20, said that the Startup Bridge was a versatile platform designed to benefit entrepreneurs on various fronts.
Prince Fahad, the Saudi sherpa at the G20 Startup20 Summit, explained that the platform would serve as a hub where entrepreneurs from both nations can access critical resources for their growth.
Entrepreneurs will also be able to connect with experienced investment mentors for guidance and support.
Prince Fahad added that the initiative may seem straightforward on the surface. Still, significant work is happening behind the scenes to ensure startups have a smooth landing in both countries.
This means that both governments are committed to assisting entrepreneurs in their expansion endeavors.
“Any expansion that needs to be done, any investments, both the government entities will be responsible for serving the entrepreneurs, to make sure that they get everything they need, and they bridge them with the right partner,” he added.
Should startups require additional investments, the government entities of both countries will play an active role in supporting these entrepreneurs.
The goal is to provide startups with a comprehensive ecosystem that connects them with the right partners, mentors and resources.
He added that more initiatives are set to boost the Saudi and Indian entrepreneurial landscape.
Startup20 is an official engagement group that acts as a dialogue forum for global startup ecosystem stakeholders. Its primary objective is to represent the global startup ecosystem’s concerns and challenges to G20 leaders.
The group focuses on identifying critical topics for discussion and formulating recommendations in various priority areas.