New Delhi: Commerce and Industry Minister Piyush Goyal on Monday said the UAE has a huge investment surplus, while India has a huge market and is an attractive destination.
He said that both the countries have expertise and they can work together in areas like sustainability, space technology, connectivity, artificial intelligence, emerging technologies and data analysis.
“The UAE has a huge investment surplus in terms of investment potential, and India has a huge market which makes it an attractive destination, and therefore, we are not in competition with each other, rather, we are a Complement the other. We are natural partners, said Goyal at the India-UAE Startup Forum 2022 here.
He said that the government only acts as a facilitator for startups, and this will help in further strengthening the ecosystem.
“Today we are the third largest startup ecosystem, but our aspiration is to become the number one startup destination in the world. The startup bug has captured the imagination of India. The entire innovation ecosystem representing the startup industry will give India a new direction, Giving new momentum,” he said.
India offers the best ecosystem for startups to achieve a special ‘jugalbandi’ or a balanced outcome between investors and entrepreneurs and a win-win solution for all, the minister said.
“I have seen an overwhelming response from the Dubai Expo, where our startups have had the opportunity to raise finance, sign MoUs and receive angel investments,” he said.
Around 700 startups have showcased their innovations at Expo 2020 Dubai.
The Minister urged startups to take their story to remote places, villages, small towns, Northeast India and other regions as well.
Subhashis Kar, Founder, Techbooz Consultancy Services Pvt Ltd. Ltd. said, “India’s third largest trading partner is UAE. In 2020-21, bilateral trade between India and UAE was valued at USD 43.3 billion. In 2020-21, exports totaled USD 16.7 billion, While the imports totaled USD 26.7 billion. This reflects the depth of the relationship between the two countries.”
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