New Delhi, March 21, 2024: The fourth edition of the Shanghai Cooperation Organisation (SCO) Startup Forum convened in New Delhi, aiming to bolster startup interactions among SCO Member States, foster innovation, create job opportunities, and inspire young talent to innovate.
The plenary session witnessed the physical presence of SCO Member States’ delegations, startup representatives, nodal agencies, senior government officials, and diplomats.
Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, delivered the keynote address, emphasising the pivotal role of startups in economic growth. Joint Secretary of DPIIT, Sanjiv, provided insights into India’s startup journey and government initiatives supporting startups.
The SCO Pavilion showcased products and services from over 15 SCO startups, facilitating networking opportunities and empowering entrepreneurs. A workshop conducted by Startup India on ‘Establishing a Seed Fund’ offered valuable insights into setting up seed funds to support early-stage startups.
The establishment of a Special Working Group for Startups and Innovation (SWG) was agreed upon at the SCO Heads of State Summit in Samarkand, Uzbekistan, in September 2022.
India’s proposal in 2020 aimed to foster collaboration and accelerate regional economic development through innovation and entrepreneurship. DPIIT chaired multiple meetings leading to the adoption of SWG Regulations in 2023, with India permanently chairing the group within SCO.
India has spearheaded various initiatives to empower startup ecosystems in the SCO Member States, facilitating mentoring, access to investors, and corporate engagement activities. These engagements aim to knit the ecosystem together and inspire similar programs in other SCO Member States.
India is set to host the second meeting of the SWG in November 2024 and the SCO Startup Forum 5.0 in January 2025.