With the focus on broadening startup interactions among the SCO member states, the fourth edition of the Shanghai Cooperation Organisation Startup Forum was organized on March 19 in the national capital, the Ministry of Commerce and Industry said on Thursday.

The forum aims at fostering an environment conducive to innovation, promoting job creation, and inspiring young talent to develop innovative solutions.

At the plenary session, physical participation from SCO Member States including a delegation of SCO startups, nodal agencies for startups at the Member States, senior government officials and diplomats was witnessed.

Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Rajesh Kumar Singh delivered the keynote address highlighting the role of the startup ecosystem in boosting the economy of a nation.

Joint Secretary, DPIIT, Sanjiv addressed the delegation about India’s startup journey and initiatives for promoting startups by the Government of India.

A showcase opportunity at the SCO pavilion was provided where over 15 SCO startups showed their products and services.

The showcase provided networking opportunities designed to inspire, educate, and empower these entrepreneurs.

In addition, the delegates also attended a workshop conducted by Startup India on ‘Establishing a Seed Fund: A Strategic Approach to Fostering Innovation and Entrepreneurship’.

The workshop included an interactive session to understand various models of setting up seed funds to support early-stage startups, and provided participants with comprehensive insights into the strategic planning and execution involved in setting up a seed fund.

It is to be noted that in Samarkand, Uzbekistan on 16th September 2022, all the Member States agreed to create a Special Working Group for Startups and Innovation (SWG) at the Summit of SCO Heads of State.

Given the importance of innovation and entrepreneurship in driving and diversifying an economy, India had proposed this initiative in 2020 to create a new pillar of cooperation between the SCO Member States.

The SWG was created with the vision of fostering collaboration among SCO Member States, to not only benefit the startup ecosystem, but also accelerate regional economic development.

In 2023, after multiple rounds of meetings chaired by DPIIT, the Member States decided to approve and adopt the Regulations of the SWG to be permanently chaired by India in SCO.