INDIA AND UAE REACH AGREEMENT TO STRENGTHEN STARTUP VENTURES

  • 26/05/2022

Dubai: India and the UAE have agreed to launch a startup corridor to strengthen startup ventures. A Memorandum of Understanding (MoU) has been signed between FICCI (Federation of Indian Chambers of Commerce and Industry) and DIFC (Dubai International Financial Center) in this regard.


The India-UAE Startup Corridor will be inaugurated in Dubai. As part of this, ten companies were identified that are making technological advancements and innovations in the fields of finance, education and freight. The aim is to find 50 such startups within five years and turn 10 into unicorns worth over Rs 7,700 crore.

This is in the context of the recent implementation of the Full Economic Partnership Agreement between the two countries. In addition, a Memorandum of Understanding (MoU) was signed between Ficci, Indian Angel Network, Turbo Start and India & MCA Management Consultant on January 26 at the Expo. It had also announced a capital investment fund of over Rs 1100 crore.

The corridor is being formed as a follow-up to that. India is considered to be the third largest country in the world for startup ventures. The UAE estimates that the Startup Corridor will be able to achieve its stated goal of molding 20 companies worth over Rs 7,700 crore by 2031.

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