New Delhi: As the Saudi delegation arrived in New Delhi for the G20 Young Entrepreneurs Alliance Summit on Thursday, Indian startups announced that they would seek out new partnerships with the Kingdom.
Numerous young entrepreneurs from the G20 member countries will share their experiences and best practises at the summit, which runs from July 13 to July 15.
Young Indians, a group of young businesspeople affiliated with the Confederation of Indian Industry, is the organisation hosting it.
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Prince Fahad bin Mansour, president of the Saudi G20 Young Entrepreneurs Alliance and chair of the board of directors of the Saudi Entrepreneurship Vision, is in charge of the delegation from Saudi Arabia.
The prince additionally represented the Kingdom at the Startup20 summit earlier this month. The Startup20 is an engagement group that was established as part of India's G20 presidency to assist in the implementation of policies that support the world startup ecosystem.
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The Saudi delegation is a significant participant at the Young Entrepreneurs Alliance meeting with about 60 delegates.
According to Tarang Khurana, vice chairman of Young Indians, "Saudi is the key player."
"Our strategic partners for the event are Invest Saudi, NEOM, and MISA (the Saudi Ministry of Investment). And Prince Fahad undoubtedly supports the summit.
He claimed that the Saudi delegates are "heavily involved with the startup curation culture" and that they will probably "take it across the borders and bring it to India as well."
Since the launch of the Startup India initiative in 2016, the Indian Ministry of Commerce and Industry has recognised more than 92,600 entities as startups, reflecting the rapid growth of the Indian startup ecosystem over the past ten years.
The number will increase by 12 to 15% annually, according to the government, but they also need investments and cross-border partnerships, which they hope to foster at the meeting of young entrepreneurs.
Since the goal of this summit is to develop an entrepreneurial system, engage in conversation, and investigate opportunities, Khurana added, "We will also ensure exclusively that there is a lot of delegate networking and potential for businesses to come through. There are numerous strategic alliances taking place over here.
According to Vishal Kumar Agarwalla, who serves as the vice chairman of Young Indians, he anticipates that during the summit, a specific forum will be created for business relationships to advance.
"We are trying to figure out how to start a Saudi-Indian investment forum. That relates to policy. We want to ensure that entrepreneurs from each nation partner with businesspeople in that nation so they can develop together, he said.
"The trust has already been established."
There have been many interactions between Saudi and Indian startups in recent months, and in May, 25 young Indian entrepreneurs travelled to Saudi Arabia at Prince Fahad's invitation to share knowledge and perspectives.
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Senior adviser to the Saudi G20 delegation Faheem Al-Hamid expressed optimism for future collaboration with Arab News.
The vast entrepreneurial culture in India, in particular, makes the potential extremely high, he claimed.
Saudi Arabia is making use of the entrepreneurial culture, too. We can all benefit from one another's experiences.