PETALING JAYA, Dec 12 — The two-day India-Asean Startup Summit (IASS) 2023, which kicked off today, is expected to inject up to RM500 million inpotential investments into Malaysia’s startup ecosystem.
IASS chair Datin Malliga Subramaniam said the investments are poised to come through various channels, including funding opportunities and partnerships.
“The investors are looking at opportunities not only in terms of startups but also industries including agritech, fintech, and energy,” she told the press after the launch of the India-Malaysia Startup Bridge by Science, Technology, and Innovation Deputy Minister Datuk Arthur Joseph Kurup at IASS 2023 today.
The India-Malaysia Startup Bridge, which will be created after the inaugural summit, is an online platform that acts as a one-stop centre for startup ecosystem stakeholders to undertake knowledge exchange and joint programmes. Over 600 startups are participating in the summit.
Meanwhile, in his keynote address at the event, Arthur said total trade between Malaysia and India for the first nine months of this year amounted to RM56.51 billion.
“The summit symbolises our collective commitment of both Malaysia and India to fostering a global environment which nurtures this entrepreneurial spirit.
“It is a testament to our shared belief in the power of ideas, the strength of innovation, and the potential of startups to accelerate the impact and impact of economic growth,” he said.
Southeast Asia’s startup ecosystem has experienced accelerated growth and is becoming a focal point in the global startup ecosystem over the last decade.
“Southeast Asia’s technology startups had a combined valuation of US$340 billion (RM1.59 trillion) in 2020 and are expected to prosper and reach an impressive valuation of US$1 trillion (RM4.68 trillion) by 2025,” Arthur said.
In 2021, the ministry launched the Malaysia Startup Ecosystem Roadmap (Super) 2021-2030, which provides direction in enhancing the ecosystem and aims to transform Malaysia into a top 20 global startup ecosystem by 2030.
— Bernama
