Where a Letter of Cooperation was signed between Cradle Fund Sdn. Bhd. and Invest India to create the India-Malaysia Startup Alliance via Startup India. The development focused on increasing the collaboration between technology startups from both nations further to create an active, connected community of startups.
Invest India is one of the most important initiatives for Startup India, and it fosters the growth of startups in the country. This initiative contributes to developing a strong innovation ecosystem under the Ministry of Commerce and Industry. It plays an important role in attracting much-needed foreign investment and developing economic progress. Hence, it fits into India’s ambition to be a hub for startups globally.
It was a significant partnership, said Malaysia’s Minister of Science, Technology, and Innovation, YB Tuan Chang Lih Kang. Economically, Malaysia and India are closely knit, and the present alliance is in addition to that. The deal encourages Malaysian startups to enter the large Indian market. On the other hand, Indian startups are given pathways into the ASEAN region through Malaysia.
Cradle Chief Executive Norman Matthieu Vanhaecke said the alliance is a strategic partnership. In many ways, this is the first such arrangement between both countries. The move was likely to give a boost to cross-border tech entrepreneurship in Malaysia and India. Besides, this could be expected to pave the way for transformative growth across the startup sectors in the two countries.
The ceremony for the exchange of the LOC was held in New Delhi on August 21, 2024. It formed a part of Malaysia’s official visit to India, led by its Prime Minister Anwar Ibrahim. Over the next year, IMSA shall foster mutual understanding and encourage industry partnership opportunities. Some of the key activities include virtual sessions, knowledge-sharing events, and startup matchmaking programs.
