MoU Signed For An India-UAE Startup Corridor
A memorandum of understanding has been signed by FICCI LEAD, a technology and business incubator of the Federation of Indian Chambers of Commerce & Industry (FICCI), and the Dubai International Financial Centre (DIFC) to launch the “India-UAE Startup Corridor”.
This initiative is aimed at enhancing and expanding the startup ecosystem between India and the UAE. Further, the corridor is also in line with the recently signed Comprehensive Economic Partnership Agreement (CEPA).
"This landmark MOU is the beginning of an important partnership on enhancing opportunities in the innovation and entrepreneurship ecosystems between India and the UAE. FICCI remains committed to progressively scaling this India-UAE Start-Up Corridor in collaboration with our partner, DIFC, and help convert at least 10 start-ups into unicorns," said Mr. Ajai Chowdhry, Chairman of FICCI StartUp Corridor & FICCI Lead.
About 10 technology-led startups have been shortlisted for inauguration of the India-UAE Startup Corridor in Dubai. This will create an ecosystem to embolden the engagement between start-ups, investors, incubators, corporations and entrepreneurs to scale their business and strengthen their position in the global market. The corridor will look to develop at least 50 validated startups based in India and the UAE over a period of five years with the vision to grow 10 of them into unicorns (start-ups valued at more than $1 billion) by 2025.
