UAE-India CEPA Start-up Series Launched to Boost Collaboration

New Delhi, Jun 25 (PTI) - A new initiative called the "UAE-India CEPA Start-up Series" has been introduced to foster innovation-driven collaboration between India and the UAE, aimed at aiding the globalization of Indian start-ups, according to a formal announcement. The UAE-India CEPA Council (UICC), in cooperation with the Embassy of the United Arab Emirates in India, rolled out the 'UAE-India CEPA Start-up Series' during an event in New Delhi.

This initiative fulfills a crucial pledge made under the UAE-India Comprehensive Economic Partnership Agreement (CEPA) to encourage innovation-led cooperation and bolster the global outreach of Indian start-ups, the statement dated June 24 reads.

CEPA, a comprehensive agreement, was signed on February 18, 2022, in a virtual summit between Indian Prime Minister Narendra Modi and the UAE President and Ruler of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan. It took effect on May 1, 2022.

UAE ambassador to India, Abdulnasser Alshaali, highlighted the UAE's dedication to entrepreneurship and cross-border innovation in his speech at the event. "Start-ups hold a pivotal role in the UAE-India economic corridor. Through this series, the UAE-India CEPA Council intends to connect India's leading entrepreneurial talent with the UAE's distinguished ecosystem, aiding their expansion while enriching our mutual innovation environment," he stated.

The launch occurs during a period of "robust economic momentum" between the two nations. In the fiscal year 2023-24, bilateral trade reached USD 83.64 billion, showing approximately a 15 per cent yearly increase since CEPA was enacted.

India's non-oil exports to the UAE jumped by more than 20 per cent, while UAE foreign direct investment (FDI) in India tripled, escalating from USD 1.03 billion in FY 2021–22 to USD 3.35 billion in FY 2022–23, making the UAE India's fourth-largest investor.

"These advancements further affirm the UAE's long-lasting dedication to supporting India's vibrant start-up ecosystem. Since 2000, investors based in the UAE have invested an estimated USD 20 billion into the Indian economy, stimulating innovation, expediting growth, and solidifying the UAE's standing as a vital strategic ally," the statement mentioned.

The event aimed to enhance collaboration between India's innovation ecosystem, featuring the signing of several Memoranda of Understanding (MoUs) between the UICC and prominent academic and entrepreneurial institutions, including PRIME Meghalaya under the Meghalaya Basin Management Agency (MBMA), IDEATE Lab at O P Jindal Global University, and Jamia Hamdard.

Ahmed Aljneibi, director of the UICC, presented the final segment of the event, revealing the "bold vision and strategic framework" for the start-up series. He explained how the initiative will lead to a high-profile pitch event in New Delhi, where five outstanding start-ups will be chosen to receive an exclusive UAE soft-landing package. This package will comprise incubation support, business licensing, tailored mentorship, and direct access to leading investors, innovation hubs, and free zone networks within the Emirates.

The event was attended by over 100 participants from the start-up, investment, policy, and media sectors. Those present witnessed the launch of the official start-up series microsite and viewed a promotional trailer calling for applications from promising Indian ventures. Start-ups are invited to apply through the official microsite, with the application window open until July 31.

On February 18, the Union Ministry of Commerce and Industry stated, "The India-UAE CEPA ushered in a new era of economic partnership and diplomacy for both nations by empowering MSMEs, generating employment, and creating new business opportunities." "India and UAE are committed to enhancing their economic partnership to foster robust trade and opportunities and reach new heights utilizing CEPA," it added.

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