Bangladesh-India start-up can foster trade settlement in local currencies: Pranay Verma

Indian High Commissioner in Dhaka Pranay Verma held an interactive session on Sunday with a group of ten Bangladeshi Start-up companies who  just returned to Bangladesh after completing a successful five-day visit to India from 8-12 May 2023.

These ten start-up companies were part of the first set of start-ups from Bangladesh whose visits are  arranged under the framework of “India-Bangladesh 50 Start-ups Exchange Programme” decided by the Prime Ministers of the two countries during their recent bilateral summits. 

During the interactive session, the Start-ups outlined the utility of these entrepreneurial exchanges and expressed appreciation for the opportunity this exchange provided them to understand the Indian Start-up ecosystem.

They also got an opportunity to interact with angel investors from India and discuss long-term business partnerships.

High Commissioner in his remarks, highlighted the vibrant start-up ecosystems in both India and Bangladesh based on  their growing emphasis on innovation and technology.

He underlined the  potential for the Bangladeshi Start-ups to tap into the Indian markets, especially in the North-Eastern states of India and also benefit from the geographical proximity of the two countries.

He emphasized that the start-up community in both India and Bangladesh had the opportunity to enhance cooperation as the two countries explored ways to further enhance ease of doing business, including trade settlement in local currencies and collaboration in digital payment platforms.

The first cohort of ten Start-ups from Bangladesh that visited India included 10 companies, including Chaldal, Grit Technologies Limited, SKOOT Ltd, Eduhive, Zantrik, Moner Bandhu, Hello Task, Prescription

Bangladesh, Abedok, and My Fuel Pump Ltd. These Start-ups belong to sectors such as e-commerce, health, transport and logistics, energy, education and skill development. In India, they were hosted by the Ministry of External Affairs and the Department for Promotion of Industry and Internal Trade.

During their stay, they had an opportunity to be introduced to India’s “Start-up India” initiative and participate in interactive sessions focused on establishing of a Start-up and business model creation process, role of incubator, marketing of projects and services, cyber security and artificial intelligence including data protection, start-up evaluation and methods to secure funding.

This first visit of 10 Bangladeshi Start-ups to India has kick started the 50 Start-ups exchange programme between India and Bangladesh, which has the potential of augmenting cooperation in new and emerging areas, cutting edge technology, entrepreneurship and innovation.

Under this programme, 50 Start-ups from Bangladesh and 50 Start-ups from India will exchange visits to each other’s countries  for exploring partnerships, expanding business relations, sharing experience and knowledge and expanding youth and entrepreneurial cooperation.