New Delhi: Malaysia and India are set to host the inaugural India-ASEAN Startup Summit (IASS) 2023, aimed at cultivating a vibrant startup ecosystem within the two nations and the broader ASEAN region. Over 600 startups, representing a mix of local and international ventures, are poised to converge at the Sunway Pyramid Convention Centre from December 12 to 13, 2023.
The DEWI Wealth Accelerator initiative, IASS 2023, is a platform for startups to showcase their innovative ideas and solutions. The summit focuses on innovation, collaboration, and women empowerment.
It is expected to draw the participation of 50 local and international investors, along with 100 startup hubs, accelerators, and government agencies, including notable entities such as Startup India, Invest India, MDEC, and MDV.
Datin Malliga Subramaniam, founder of DEWI Wealth Accelerator, said, “We are setting the stage for a dynamic collaboration where startups from both regions can leverage on each other’s strengths, driving growth and innovation in the digital technology sphere.”
A key focus of the summit is the empowerment of women-led startups, addressing the unique challenges and opportunities in this sector.
H.E. BN Reddy, the High Commissioner of India to Malaysia, said, “India and Malaysia enjoy growing trade and investment ties. Bilateral trade has reached US$20 billion in FY 2022-23. Two-way investments have been growing significantly.”
Indian startup companies like Oyo, Perfios, Pine Labs, Razorpay have been successfully expanding into Malaysia and the ASEAN region, he added.
Reddy, praising the startup ecosystem of India, highlighted that it is the third largest in the world, with a uniform annual growth of 12-15%. “At present, there are over 115,000 startups in India recognised by the Government of India with 110 startup unicorns (with a valuation of over US$ 1 billion),” he said.
Malaysian partners backing the summit include Malaysia Digital Economy Corporation, Malaysian Investment Development Authority, Malaysia Debt Ventures, Majlis Belia Malaysia, Beyond4 and SME Corporation.
Partners from India supporting IASS 2023 encompass the Ministry of Science & Innovation, Ministry of Commerce, India ASEAN Chamber of Commerce, Startup India, and Invest India.
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