The summit anticipates potential investment of RM500 million to Malaysia

Kuala Lumpur, 12 December 2023: The India-ASEAN Startup Summit, marking the launch of the ‘India – Malaysia Startup Bridge’, has set the stage for a potential investment of RM500 million into Malaysia’s startup ecosystem. This substantial investment, expected to flow either directly or through strategic partnerships, highlights the strengthening entrepreneurial ties between the two nations.

Datin Malliga Subramaniam, Chair of the India-ASEAN Startup Summit (IASS) remarked on this development: “The anticipated RM500 million investment signifies immense faith in the collaborative potential of the India-Malaysia startup landscape. It’s a major leap forward in nurturing a culture of innovation and entrepreneurship in both countries.”

Datin Malliga who is also the founder of DEWI Wealth Accelerator, the organiser of IASS added that the investment is poised to come through a variety of channels, including funding opportunities and partnerships, aligning with the goals of the ‘India – Malaysia Startup Bridge’. 

“With over 600 startups participating, IASS is not just a gathering but a melting pot of ideas and opportunities. It’s a platform where cross-border collaboration is not just encouraged but actively facilitated. The ‘India – Malaysia Startup Bridge’ is set to be a key driver in this landscape, fostering innovative ventures and partnerships.”

(L-R) Datin Malliga Subramaniam, Chair of the India-ASEAN Startup Summit (IASS), H.E. Mr. P. Kumaran, Vice Minister, Ministry of External Affairs, Government of India, YB Datuk Arthur Kurup, Deputy Minister of Science & Technology and Innovation, Government of Malaysia, His Excellency B N Reddy, India High Commissioner to Malaysia, Dato’ Sri Dr. S K Devamany, Senior Advisor of India ASEAN Startup Summit 2023

The 2023 IASS, a two-day summit, kicked off today at the Sunway Pyramid Convention Centre, marking a significant moment for Malaysian startups. They had the opportunity to delve into India’s thriving digital technology sector. The event featured expert-led workshops, networking with industry leaders, interactive panel discussions, and showcases of the latest innovations. This summit provided a platform for a reciprocal exchange of ideas and strategies, enhancing collaboration between Malaysian and Indian startups to drive growth in digital technology. It was a pivotal event aimed at empowering entrepreneurs and promoting cross-border development.

“In this IASS, we celebrate the strong Malaysia-India bond, evidenced by our USD20 billion bilateral trade (2022-2023). This summit is a milestone, strengthening our ties through digital technology. It’s more than a meeting – it’s a launchpad for future economic and technological collaboration between our nations.” said His Excellency Prof Abhay Karandikar, Secretary Department of Science and Technology, Government of India during his keynote address.

The Indian startup landscape is a diverse and dynamic ecosystem, encompassing a variety of contributors including federal and state government entities, public and private sector initiatives, university-led programs, and a mix of domestic and international venture funds and investors. This comprehensive network has propelled India to become the world’s third largest startup ecosystem. Impressively, the count of startup unicorns in India has surged from 11 in 2015 to 110 by 2023.

“The Ministry of Commerce & Industry of India, through Startup India, has been pivotal in our rise as the third largest startup ecosystem globally. States like Telangana and Karnataka, with incubators like T-Hub in Hyderabad, exemplify this growth. At IASS 2023, we showcase these achievements, offering a blueprint for Malaysia to emulate our blend of government support, entrepreneurial energy, and innovation,” he added. 

Yang Berhormat Datuk Arthur Kurup, Deputy Minister of Science, Technology, and Innovation, Malaysia has delivered key note address and officiated the IASS 2023. “This summit symbolizes our collective commitment of both Malaysia and India to fostering a global environment that nurtures these entrepreneurial spirits. It is a testament to our shared belief in the power of ideas, the strength of innovation, and the potential of startups to accelerate and impact the economic growth.” he said during the launch of the summit. 

“Ministry of Science, Technology and Innovation (MOSTI) is fully committed to supporting and nurturing startups in the country. We remain dedicated to fostering collaboration, innovation, and entrepreneurship within the startup ecosystem and look forward to collaborating with India and all ASEAN member states to create a vibrant regional ecosystem that propels our economies to new heights of success,” he added. 

The summit is organised by DEWI Wealth Accelerator, INPUT STRATEGY and COEXRT. For more information about the IASS, please visit https://www.startupsummitasia.com/

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