Singapore adds Bangalore to Global Innovation Alliance

Singapore recently reported the inclusion of India to it's Global Innovation Alliance (GIA) tech startup framework, which will connect the country's upcoming tech startups the same as that of young and medium-sized ventures (SMEs) to India's technology framework. A significant collaboration for both the countries, it was flagged off by Singapore's Minister of trade relations, S Iswaran at the TechSparks event.

Global Innovation Alliance 2019

Kickstarted in the year 2017, GIA is an activity driven by three Singapore government organizations - the Singapore Economic Development Board (EDB), Ministry of Education and Enterprise Singapore. It plans to strengthen Singapore's associations with significant innovation setups all over the world and with this it will create a string of thoughts to boost the aspects of innovation. Through this, more doors will open to students, business people, and startups at large, in order to understand and team up with their foreign partners.

A focus on innovation

GIA works with different partners, for example, co-working space providers and colleges to set-up bases for innovation in foreign lands. New businesses can extend their organizations to GIA members by properly understanding the required networks.

With Bangalore already on-board for the initiative, the GIA system will cover 12 nations - China (Beijing, Shanghai, Suzhou), France (Paris), Germany (Berlin and Munich), India (Bangalore), Indonesia (Jakarta), Japan (Tokyo), Thailand (Bangkok), Vietnam (Ho Chi Minh City) and the US (San Francisco). 

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TechSparks 2019 is an international event that focuses on innovation organized by YourStory, India's innovation organization which brings together new companies, business people, policymakers, business pioneers, financial experts, and media houses to brainstorm on innovative ideas.

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According to reports,  bilateral trade between Singapore and India remained at 26.4 billion Singapore dollars in the year 2018. This is an increase of 15 percent from 2015 where the trade between Singapore and India remained at SGD 23.07 billion. Singapore was the biggest financial investor in India in the previous fiscal year with Singapore-based organizations infusing capital worth $16.2 billion.

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(With inputs from agencies)