India-ASEAN Startup Summit expected to yield US$107 mln potential investments

PETALING JAYA (Malaysia), Dec 12 (Bernama) -- The two-day India-ASEAN Startup Summit (IASS) 2023, which kicked off here today, is expected to inject potential investments of RM500 million (US$107 million) into Malaysia’s startup ecosystem.

IASS chair Malliga Subramaniam said the investments are poised to come through a variety of channels including funding opportunities and partnerships.

“The investors are looking at opportunities not only in terms of startups but also industries such as agritech, fintech and energy,” she told reporters after the launch of the India-Malaysia Startup Bridge by Deputy Minister of Science, Technology and Innovation Arthur Joseph Kurup at IASS 2023 Tuesday.

The India-Malaysia Startup Bridge, which will be created after the inaugural summit, is an online platform that acts as a one-stop centre for startup ecosystem stakeholders to undertake knowledge exchange and joint programmes.

More than 600 startups are participating in the summit.

Meanwhile, in his keynote address at the event, Arthur said total trade between Malaysia and India for the first nine months of this year amounted to RM56.51 billion (US$1=RM4.68).

“The summit symbolises our collective commitment of both Malaysia and India to fostering a global environment that nurtures this entrepreneurial spirit.

“It is a testament to our shared belief in the power of ideas, the strength of innovation, and the potential of startups to accelerate the impact and impact of economic growth,” he said.

Arthur said the startup ecosystem of Southeast Asia has experienced accelerated growth and is becoming a focal point in the global startup ecosystem over the last decade.

“Southeast Asia's technology startups had a combined valuation of US$340 billion in 2020 and are expected to prosper and reach an impressive valuation of US$1 trillion by 2025,” he said.

In 2021, the Ministry of Science, Technology and Innovation launched the Malaysia Startup Ecosystem Roadmap (SUPER) 2021-2030 which provides direction in enhancing the ecosystem and aims to transform Malaysia into a top 20 global startup ecosystem by 2030.

-- BERNAMA