KUALA LUMPUR, March 27 — In a landmark move poised to transform the startup landscapes of both Malaysia and India, the Consortium of Indian Industries in Malaysia (CIIM) and India Asean Startup Summit (IASS), together with their Accelerator and Investment partners Beyond4 Sdn Bhd and Kuala Lumpur Tech City Sdn Bhd, have signed a Memorandum of Understanding (MoU) today.

Chairman of CIIM Datuk Umang Sharma said that the pivotal agreement aims to foster bilateral startup exchanges, promote innovative ventures, and facilitate investment opportunities between the two countries.

Additionally, the agreement focuses on attracting cumulative investments of RM1 billion via the bilateral cross border exchange over the next three to five years.

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Umang also said that the MoU establishes a collaborative framework that leverages the dynamic capabilities of startups in Malaysia and India, facilitating their entry and growth in respective markets and beyond into Asean.

“This strategic partnership marks a significant milestone in our ongoing efforts to build bridges between the Malaysian and Indian startup ecosystems, paving the way for an era of innovation and economic growth,” he said in a statement to Bernama.

Umang explained that key initiatives under the MoU include organising joint events, workshops, and networking opportunities to connect startups with potential partners, mentorship, investors, and customers.

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Datuk Seri SK Devamany, Senior Advisor to IASS, said: “We are excited about the possibilities this partnership opens up for startups in both countries. Through cross-border collaboration, investment facilitation, and business expansion support, we are looking forward to witnessing groundbreaking innovations and the creation of new economic opportunities.”

The MoU also emphasises the importance of innovation promotion, cultural and knowledge exchange, and the protection of intellectual property rights, ensuring a conducive environment for startups to thrive and contribute to the international growth and expansion of both economies. — Bernama