New Delhi; After consulting with Saudi Arabia's representative to the G20 engagement group, the head of Startup20 said on Saturday that India anticipates positive interactions with the Middle East in the startup ecosystem.

One of the Group of 20 largest economies' 11 official networking groups is called Startup20. It was started during India's year-long G20 presidency and aims to assist in putting policies into place that support new businesses, entrepreneurs, and ecosystem builders for their sustainable growth in participating nations.

Participants in the engagement group come from a variety of nations. Prince Fahad bin Mansour Al-Saud, the head of the Saudi Entrepreneurship Vision's board of directors, is the G20's lone member from the Middle East.

Also Read: 20 people are killed and 80 injured by heavy rains in northwest Pakistan

Delegates from the group gathered last week in Goa to create recommendations and policy directives. Oman also attended the meeting after receiving a special invitation from India as the G20 host.

"The India-Middle East exchange, especially between their startup ecosystems, holds much promise," Startup20 chair Dr. Chintan Vaishnav told Arab News.

Also Read:  Taiwan sends up fighters as Chinese warplanes cross the centre line of the Taiwan Strait

The third-largest startup ecosystem in the world, with nearly 100,000 startups and 115 unicorns, is found in India. The Middle East is actively investing in startups while also creating a thriving ecosystem. At different levels, there are synergies between the two.

Prince Fahad and Vaishnav also talked about how to advance this partnership.

On behalf of Startup20, Prince Fahad and I talked about how to make this movement grow rapidly and turn it into a permanent part of the G20 architecture moving forward," he said.

Prince Fahad told local media following the summit that his goal in attending was to gain knowledge from others' experiences.
 We had a productive and easy conversation that got us to this point," he said.

We think the Indians did a fantastic job compiling the recommendations and providing an opportunity for everyone to work together and share their ideas.

Also Read:  Zelensky claims that a counteroffensive is "taking place" as Trudeau is in Kiev

The engagement group requested that G20 countries invest $1 trillion in the growth of startup ecosystems by 2030 during the Goa summit.

Its members also endorsed a policy communique, whose main actions were to develop and adopt a framework for defining startups, establish a network institution to support startups and ecosystem participants across the G20, expand and diversify access to capital, relax market regulations for startups, give priority to including underrepresented groups in the startup ecosystem, and scale up startups of global interest.