To facilitate greater economic cooperation and further strengthen bilateral ties between the two countries, Prime Minister Narendra Modi has launched India-South Korea Startup Hub and Startup Grand Challenge.
“The Hub is hosted on the Startup India digital platform, the world’s largest virtual incubator with over 300,000 registered startups and aspiring entrepreneurs. The Hub will enable access to resources for market entry and innovation exchange between India and the world,” said a government release.
The Startup Grand Challenge, which will be part of the India-South Korea hub, will direct the combined entrepreneurial energy of Indian and Korean Startups towards building solutions for the challenges facing the world. Initial challenges will focus on issues across the themes of Credit Rating, Predictive Analytics, Fraud Detection, Cyber Security, Primary/Secondary/Tertiary Healthcare.
“The State Bank of India and Mahindra Group of India will be mentoring, providing pilot project opportunities, and financial support of upto USD 50,000 to the winners. The applications for the Startup Grand Challenge are live on www.startupindia.gov.in/korea,” added the release.
Strong Ties Between The Two Countries
“India-Republic of Korea (RoK) relations have made great strides in recent years and have become truly multidimensional, spurred by a significant convergence of interests, mutual goodwill and high level exchanges... Consistent Indian support for peaceful reunification of the two Koreas has been well received in this country,” notes a Ministry of External Affairs (MEA) report.
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