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FIRST-EVER SCO STARTUP FORUM TO BE LAUNCHED ON 27TH OCTOBER

FIRST-EVER SCO STARTUP FORUM TO BE LAUNCHED ON 27TH OCTOBER

Context 

The first-ever SCO Startup Forum will be launched on 27th October 2020 ahead of the SCO trade ministers meeting on 28th October.

Details about the Forum 

  • It will lay the foundation for multilateral cooperation and engagement among the SCO Member States to develop and hone their startup ecosystems, collectively.
  • Innovation and Startups will be the key focus area of SCO Heads of Government meeting on 30th November 2020 to be hosted by India.
  • It shall identify areas of cooperation by launching multiple entrepreneurial activities like startup showcase through a dedicated virtual platform, mobilizing capital for startups, sharing of best practices, procuring social innovations, multilateral incubator programs and knowledge exchange workshops etc.
  • It will aid to understand the cultural and economic features of the startup ecosystem in the SCO Member States.
  • In the run up to the launch of SCO Startup Forum, a virtual SCO preparatory Seminar and a workshop were also organized by India.
  • India is currently the third-largest startup ecosystem in the world with over 35,000 startups, close to 25% of which are core technology startups operating in areas of AI, Robotics, Cloud Computing, IoT, Digital Health, Financial & Education Technology.
  • The ‘Startup India’ has launched 10 bilateral bridges since its inception and has helped many technology-based startups to expand their businesses to global markets.
  • Government has roped in around 40 Indian missions to further augment the efforts undertaken by the ‘Startup India’ program by exploiting the opportunities across the geographies.

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