New Delhi and Paris are poised to unveil a groundbreaking initiative later this year aimed at bolstering startups and fostering climate-focused innovations across the Indo-Pacific region, according to sources familiar with the matter. The fund agreement, along with the allocated funding, has already been finalized, with anticipated projects set to span the Western Indian Ocean and the broader Indo-Pacific area.
The genesis of this collaborative endeavor traces back to Prime Minister Narendra Modi’s visit to France for Bastille Day celebrations in July 2023. During this visit, the two nations agreed to establish the Indo-Pacific Triangular Cooperation (IPTDC) Fund, marking a significant milestone in their bilateral partnership. The fund, rooted in a unique model of Triangular Development Cooperation, is designed to support initiatives that promote climate resilience and advance the Sustainable Development Goals (SDGs) in third countries across the Indo-Pacific region.
The ‘Horizon 2047’ joint vision statement released during Modi’s visit underscored the strategic importance of this initiative. By facilitating the scaling up of green technologies and fostering innovation, the IPTDC Fund aims to address pressing environmental challenges while driving sustainable development in the region. Through this collaborative effort, India and France aim to harness the transformative potential of technology and entrepreneurship to catalyze positive change across the Indo-Pacific.
France, with its significant presence in the Indo-Pacific region through overseas territories such as La Reunion, New Caledonia, and French Polynesia, emerges as a natural partner for India in this endeavor. Leveraging their shared commitment to fostering innovation and combating climate change, the two countries are poised to jointly identify and support projects that align with the objectives of the IPTDC Fund.
The establishment of the IPTDC Fund represents a significant step forward in providing viable funding alternatives to innovators and entrepreneurs in the Indo-Pacific region. By nurturing a conducive ecosystem for innovation and entrepreneurship, the fund aims to unlock the region’s potential and drive inclusive growth.
While the specifics of the projects to be supported by the IPTDC Fund are yet to be disclosed, the initiative holds immense promise for fostering collaboration and driving positive change in the region. Through strategic partnerships and targeted investments, the fund has the potential to catalyze innovation, spur economic development, and address pressing environmental challenges across the Indo-Pacific.
In addition to the IPTDC Fund, India has been actively engaged in triangular cooperation mechanisms with other strategic partners, including Germany, the United States, and the United Kingdom. These partnerships aim to promote trade, connectivity, and sustainable development in the region through innovative initiatives and collaborative projects.
For instance, India is collaborating with Japan and Bangladesh to enhance trade and connectivity through the Bay of Bengal Northeast Industrial Value Chain concept, aimed at creating a new regional supply chain and boosting economic growth in the Northeastern states of India. Similarly, India has initiated projects with Germany in several African nations, focusing on areas such as agribusiness and agricultural technology.
Furthermore, under the Global Innovation Partnership with the United Kingdom, India is exploring opportunities to leverage Indian innovation to drive development in strategically important third countries. Discussions are underway to identify potential collaboration on renewable energy projects in Sri Lanka, highlighting the diverse range of initiatives aimed at fostering sustainable development and addressing regional challenges.
Overall, the launch of the IPTDC Fund underscores the growing momentum towards collaborative efforts to promote innovation, entrepreneurship, and sustainable development in the Indo-Pacific region. As India and France forge ahead with this ambitious initiative, they are poised to play a pivotal role in driving positive change and building a more resilient and prosperous future for the region.
