The Republic of Korea to direct US$5.5 million to create business incubators in Uzbekistan
06/04/2020 21:04
The Republic of Korea to direct US$5.5 million to create business incubators in Uzbekistan
06/04/2020 21:04
Tashkent, Uzbekistan (UzDaily.com) - A draft of the corresponding Decree of the President developed by the Chamber of Commerce and Industry has been published for discussion. Its discussion will end on 18 April.
The practice of creating business incubators is already being implemented in Uzbekistan within the framework of youth entrepreneurship clusters, as an experiment in ten makhallas of the Almazar district of the capital (“Entrepreneurship Centers”), as well as in Jizzakh as part of the Ilgor Hoodood program.
As follows from the text, the Korean Agency for International Cooperation will provide a grant of US$5.5 million to the Chamber of Commerce and Industry of Uzbekistan. The basis is the intergovernmental framework agreement on the allocation of grant assistance of 17 June 2014.
The funds will be allocated for the implementation of the project “Creation of business incubators and stimulation of entrepreneurship growth in Uzbekistan”. In particular, Tashkent is organizing an exemplary business incubator. It will operate in a building on 11, Islam Karimov Street.
Among the goals pursued, the following were noted:
- preparation of proposals to improve the regulatory framework in the field of support for start-up entrepreneurs, stimulate their development, as well as the development of the ecosystem of innovative business in Uzbekistan as a whole;
- assisting in the institutional development of organizations whose activities are aimed at stimulating the development of youth entrepreneurship;
- advanced training of personnel of departments and organizations involved in the development of youth and innovative business through internships in the Republic of Korea;
- providing practical assistance to beginning entrepreneurs in the implementation of their business ideas;
- creation of an integrated information system containing all the necessary information for start-up entrepreneurs on the creation and conduct of business.
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