Embassy of India in Kuwait, in association with the Gulf University for Science and Technology (GUST), Kuwait and the Institute of Chartered Accountants of India (ICAI)-Kuwait Chapter organized the India-Kuwait Startup Synergies Conference on 8 December, 2024 at the prestigious GUST University.
Ambassador of India to Kuwait, H.E. Dr. Adarsh Swaika, in his welcome remarks, referred to the historical trade linkages between India and Kuwait, and emphasized on the Embassy’s continuous efforts towards strengthening the bilateral relationship, based on mutual development through investment synergies. Two editions of the India-Kuwait Investment Conference organized by the Embassy in 2023 as well as 2024, saw Indian delegations from Invest India, National Investment and Infrastructure Fund (NIIF), Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce & Industry (FICCI) as well as International Financial Services Centres Authority (IFSCA) – GIFT City, who provided valuable insight on the current investment ecosystem in India. He highlighted that India has emerged at the world’s 3rd largest startup ecosystem, with over 1,40,000 registered startups; India has 118 unicorns recorded as of October 2024, which are collectively valued at over USD 350 billion. These start-ups have created over 1.55 million direct jobs and contributed about 15% to India’s GDP, with IT Industry being the most active sector, followed by Healthcare & Lifesciences and Education. The Ambassador also spoke about the vibrant entrepreneurial ecosystem in Kuwait, which has grown to a potential innovation hub for the Middle East region, thriving on advantages such as a sizeable young population, robust funding opportunities and active support through government initiatives.
This conference was envisioned as a platform to bring together prominent speakers and thought leaders from the startup ecosystems of both India and Kuwait, for sharing success stories, experiences, and insights on fostering collaboration between the two countries. Key speakers from India included Mr. Rahul Bothra, CFO at Swiggy – a multimillion-dollar e-commerce platform in India, Mr. Anil Singhvi, Managing Editor for Zee Business, and Mr. Vinay Bansal, Co-Founder and CEO at Inflection Point Venture and Partner at Physis Capital. The Kuwaiti perspective was provided by Eng. Abdul Wahab Al Zaidan, a Consultant with the Kuwait Digital Startup Campus, Youth Public Authority and Mr. Abdulrahman AlDuaij, Founder & Managing Partner, HOLISTIC, Kuwait, a leading provider of developmental and consultancy services.
The Conference represented a platform that provided opportunities for knowledge sharing and highlighting success stories, allowing for synergistic learning that would allow ideation and innovation. The speakers highlighted case studies and key examples of how recent startups in both India and Kuwait became disruptors that have proved to be trailblazers in their unique sectors. Guests were provided the opportunity to interact with the speakers in an illuminating Question & Answer session, which was followed by Open Networking.
The India-Kuwait Startup Synergies Conference was well-attended by prominent Kuwaiti professionals and businesspersons, GUST MBA students, as well as Indian professionals working at high-ranking positions in Kuwaiti companies, and is part of the Embassy’s initiative for collaboration between business and professional communities of Kuwait and India for the enrichment of trade and investment relations between the two friendly countries.
