India, UAE boost cooperation in startup, innovation sectors with launch of 'CEPA Start-up Series'

At a time when global economic alliances are being redefined, India and UAE are taking a leap in bilateral cooperation to boost the startup and innovation sectors in the two fast-growing economies. 

 

India is projecting itself as a startup powerhouse while the UAE is expanding as a global innovation hub-paving the way for a partnership that takes the Comprehensive Economic Partnership Agreement (CEPA) to the next stage of cross-border sharing.

 

Late Tuesday evening, the UAE-India CEPA Council (UICC), in partnership with the Embassy of the United Arab Emirates in India launched the UAE–India CEPA Start-up Series. "Startups are central to the UAE-India economic corridor," said UAE ambassador to India Abdulnasser Alshaali. He said the UAE-India CEPA Council seeks to connect India’s brightest entrepreneurial minds with the UAE’s world-class ecosystem, supporting their scale-up journeys while enriching the bilateral innovation landscape.

The launch comes amid a period of strong economic momentum between the UAE and India. In the last financial year 2023–24, bilateral trade reached USD 83.64 billion, marking a nearly 15 per cent year-on-year increase since the CEPA came into effect. 

 

According to official statistics, India’s non-oil exports to the UAE surged by over 20 per cent, while UAE foreign direct investment (FDI) into India tripled, rising from USD 1.03 billion in FY 2021–22 to USD 3.35 billion in FY 2022–23, making the UAE India’s fourth-largest investor.

 

Since 2000, UAE-based investors have channelled an estimated USD 20 billion into the Indian economy, fueling innovation, accelerating growth, and cementing the UAE’s position as a key strategic partner. The collaboration was kickstarted with the signing of several Memoranda of Understanding (MoUs) between the UICC and prominent academic and entrepreneurial institutions. 

 

Ahmed Aljneibi, Director of the UICC, outlined the vision of the series explaining that five exceptional start-ups will be selected to receive an exclusive UAE soft-landing package, including incubation support, business licencing, tailored mentorship, and direct access to leading investors, innovation hubs, and free zone networks across the Emirates.

Since the signing of the India-UAE economic partnership in 2022, both governments have been focussing on addressing the challenges faced by exporters on both sides and addressing technical issues to generate employment and create new business opportunities.

Middle East