Dubaiuncovered

India Global Forum Explores Opportunities for Global Partnerships in Emerging Economies

Earlier this year, I had the privilege of visiting Uganda’s National ICT Innovation Hub to witness the efforts being made to build a thriving start-up ecosystem in the country. What I saw was a promising environment filled with ambitious innovators and entrepreneurs who were determined to create homegrown technological solutions to solve Uganda’s problems.

However, despite their determination and skills, I realized that the lack of funding, mentorship, and digital support were major obstacles to their success. It became clear to me that providing these necessary resources, rather than handouts, would be the best way to uplift many individuals out of poverty.

The start-up ecosystem in Uganda reminded me of India in the early 2000s, where ambitions were limitless, but resources were limited. India, with its institutional support, infrastructure, and incentives, has since emerged as the third largest start-up ecosystem in the world. This success would not have been possible without a vibrant funding culture.

Like India, Uganda and other emerging economies have a talented and determined young population who are eager to leverage technology for the betterment of their communities. It is the responsibility of the global community to provide institutional support and funding mechanisms to keep their dreams alive.

This is where India and the UAE can play a significant role in building global partnerships. While China has focused on physical infrastructure in Africa, India, the UAE, and like-minded partners can bridge the gap between technology and talent.

India, known for its robust IT sector and thriving start-up ecosystem, is well-positioned to provide mentorship and guidance to African entrepreneurs and innovators. On the other hand, the UAE, a hub for innovation and global connectivity, can serve as a bridge to the wider region. The strategic location and supportive ecosystem in the UAE can provide African start-ups with access to global markets and funding opportunities. These partnerships can also prioritize initiatives aimed at addressing challenges specific to emerging economies.

Furthermore, these partnerships take on added significance in the context of artificial intelligence (AI). AI has the potential to revolutionize the approach to solving global problems. A declaration signed by 28 countries, including India and the UAE, at the first ever AI Safety Summit underscores the transformative opportunities of AI in areas such as health, education, food security, clean energy, and climate. It is crucial for global partnerships to be inclusive and promote sustainable development for all.

Global partnerships have the power to address fundamental challenges in emerging economies. Through financial investments, knowledge sharing, and collaborative efforts, communities can be uplifted and equipped with the necessary resources and skills to realize their full potential.

India Global Forum (IGF) has been at the forefront of catalyzing collaboration to bridge the technological and developmental gap between India, the Middle East, and Africa. Various initiatives and events, such as the Founders and Funders Forum, WomenIN Leadership, and Climate and Business Summit, have provided a platform for collaboration and partnership.

Moving forward, it is crucial to break away from the patterns of the past where power and prosperity were monopolized by a few nations. Development and economic growth cannot be localized or monopolized. The Global South, home to three-quarters of the world’s population, holds immense potential and should be the foundation upon which 21st-century global partnerships are built.

The India-UAE relationship, as aptly stated by India’s Foreign Minister Dr. S. Jaishankar at IGF UAE 2022, is ambitious and extends beyond bilateral possibilities to make a global impact. India Global Forum will continue to be a steadfast partner in this journey.

In conclusion, global partnerships have the potential to unlock opportunities and drive economic growth in emerging economies. By leveraging the strengths of countries like India and the UAE, we can empower ambitious entrepreneurs and innovators to create a brighter future for themselves and their communities.

– Pierre Herubel, Founder and Chairman of India Global Forum. India Global Forum’s Middle East and Africa 2023: Unleashing Ambitions will be held from 26 – 29 Nov in Dubai. To learn more, visit www.indiaglobalforum.com