SCO Startup Forum to be launched

SCO Startup Forum to be launched

Part of: GS Prelims and GS-II – International Relations

In news

• The first-ever SCO Startup Forum will be launched on 27th October 2020.

Key takeaways

• The forum will lay the foundation for multilateral cooperation and engagement among the Shanghai Cooperation Organisation (SCO) Member States.
• Objective: To develop and improve startup ecosystems collectively.
• The Forum shall identify areas of cooperation by launching multiple entrepreneurial activities like startup showcases through a dedicated virtual platform, mobilizing capital for startups, sharing of best practices, procuring social innovations etc.
• Also, Innovation and Startups will be the key focus area of SCO Heads of Government meeting on 30th November 2020 to be hosted by India.

Important value additions

Shanghai Cooperation Organisation

• SCO or Shanghai Pact is a Eurasian political, economic, and security alliance.
• Its formation was announced on 15 June 2001 in Shanghai, China by the leaders of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan.

• Current Members: China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Uzbekistan, India and Pakistan

• Headquarters: Beijing, China

Do you know?

• India is currently the third-largest startup ecosystem in the world with over 35,000 startups.
• Close to 25% of Startups are core technology based operating in areas of AI, Robotics, Cloud Computing, IoT, Digital Health, Financial & Education Technology.
• The ‘Startup India’ has launched 10 bilateral bridges since its inception and has helped many technology-based startups to expand their businesses to global markets.