Malliga said the anticipated RM500mil investment signifies the confidence in the collaborative potential between nations and Malaysia’s thriving startup landscape.
PETALING JAYA: The Indian-Asean Startup Summit 2023 (IASS) is anticipating a potential investment of RM500mil into Malaysia’s startup ecosystem, marking the launch of the ‘India-Malaysia Startup Bridge’.
The summit stemmed from an idea 11 months ago and was launched yesterday, bringing more than 600 startups from India, Malaysia, Singapore and other nations across the Asean region.
IASS chair Datin Malliga Subramaniam said the anticipated RM500mil investment signifies the confidence in the collaborative potential between nations and Malaysia’s thriving startup landscape.
“Many international investors from all over are focusing their attention on Malaysia, not only because of how strategic our location is, but also because of the exponential growth the Asean region has experienced in the last decade or so, placing Malaysia in the middle of it,” she told reporters during the launch of the summit here.
According to Malliga, the RM500mil will be a result of direct and indirect investment over a year, as this was just the beginning for them.
“We plan to hold this summit annually. So the global investors who are looking for opportunities will be the first to participate. There will also be a roundtable discussion with various industries as well as investors,” she said.
She added that they aim to keep the momentum going and are looking forward to the many activities and events that will be held after the summit ends.
“It’s about finding the right companies to invest in and collaborating together, not just becoming an investor,” she said, adding that some of the upcoming industries include agriculture technology, financial technology, digital innovation and medical technology.
In a separate interview with StarBiz, Malliga said this era is no longer in the age of competition, but rather, working together to leverage on each other’s strengths.
“Competitiveness has been overtaken by the potential and benefits of working in collaboration with each other and this is what we want to foster.
“Some companies may have great ideas and solutions to the problems of today, but may lack in other ways. This is where working together can create great success,” she said.
She said she hopes the cross-border collaborations will result in long-term strong relationships between nations and a solid learning experience from what the summit offers.
“There will be workshops, networking with industry leaders, interactive panel discussions and showcases of the latest innovations in different fields. This will be a platform for a reciprocal exchange of ideas and strategies to empower entrepreneurs and promote development within the ecosystem,” she said.
Additionally, India’s secretary Department of Science and Technology, professor Abhay Karandikar said the summit is a milestone, strengthening both countries’ ties through digital technology.
“It’s a launchpad for future economic and technological collaborations between our nations,” he said.
Meanwhile, deputy Agriculture and Food Security Minister Datuk Arthur Joseph Kurup said Malaysia is standing at the cusp of an ecosystem that can play a pivotal role in driving innovation in the country.
He added that startups are the lifeblood of the economy, because of how they inject fresh ideas, create solutions and generate employment opportunities.
“Malaysia has committed to provide a vibrant startup ecosystem, aligned with aspirations and blueprints by the government. We look forward to collaborations with India to propel the ecosystem to greater heights.
“This summit will serve as a catalyst for collaborations and cooperation between countries that will allow us to expand into the Asean region and beyond.”
