Uzbek-Korean business incubators to open in Uzbekistan's capital

Business Materials 29 January 2020 10:41 (UTC +04:00)
Uzbek-Korean business incubators to open in Uzbekistan's capital

BAKU, Azerbaijan, Jan. 29

By Ilkin Seyfaddini – Trend:

The Chamber of Commerce and Industry of Uzbekistan and the Korea International Cooperation Agency (KOICA) signed an agreement to launch a "Stimulating Business Incubation System in Uzbekistan" project, Trend reports citing Uzbek media.

This project worth $5.5 million is aimed at developing a system of comprehensive assistance to entrepreneurs in the implementation of their business projects on the basis of Korean experience.

Within the project, several business incubators will be created in Tashkent.

These incubators will provide entrepreneurs with the opportunity to get practical assistance from qualified specialists in the implementation of their business ideas. Proposals will be developed to improve the legal and regulatory framework to support entrepreneurs, stimulate their activities and develop an innovative business ecosystem in Uzbekistan.

The business incubator will pay particular attention to the development of youth entrepreneurship. The young people, as well as specialists of agencies and organizations engaged in promoting innovative business, will improve their skills through the training workshops in the Republic of Korea.

During the visit of President Shavkat Mirziyoyev to Korea in 2017, agreements on the implementation of projects with the support of KOICA were signed. The new project is to be implemented in accordance with these agreements.