Logo of Phnom Penh Post newspaper Phnom Penh Post - ‘Business Incubation’ launched by government, Koica

‘Business Incubation’ launched by government, Koica

Content image - Phnom Penh Post
Koica and the Education Ministry launched a $7 million “Business Incubation System” to improve the business mindset in Cambodia through academic study. Facebook

‘Business Incubation’ launched by government, Koica

The KOREA International Cooperation Agency (Koica) and the Ministry of Education, Youth and Sport on Thursday launched a $7 million “Business Incubation System” to improve the business mindset in Cambodia through academic study.

Koica vice-president Baek Sook-hee and Minister of Education, Youth and Sport Hang Chuon Naron on Thursday inked a record of discussion to officially launch the “Project for the Establishment of a Business Incubation System between Universities and Industry in Cambodia”.

The signing took place on the day of South Korean president Moon Jae-in’s arrival in Cambodia on a state visit.

The project is designed to create a start-up ecosystem and market network in Cambodia by developing a system to foster start-up companies in Cambodia’s leading universities, at which Koica plans to construct Cambodia-Korea Incubation Centres (CKICs) and support capacity building in their operations.

This will strengthen start-up competitiveness and promote start-up support programmes in the Royal University of Phnom Penh and the Institute of Technology of Cambodia. The scheme has a total five-year budget of $7 million. The project will contribute to Cambodia’s industrial diversification and help it achieve sustainable development, Baek said.

“The project has great significance. It will create high-quality jobs and foster industry-specific professionals, while Koica plans to lay the foundations for diversifying industries in developing countries to strengthen national competitiveness from a long-term perspective,” she added.

She said Koica aims to help Cambodia use the business incubation model and market networks to support industry diversity, as well as bridge the gap between academic ability and market demand. It also seeks to support economic growth and the development of young entrepreneurs.

Naron, the Minister of Education, Youth and Sport, said the project would promote scientific and technological research, generate business partnerships for fresh graduates to explore business ideas and increase job opportunities.

“The project will promote the quality of academics in the fields of science and technology by interconnecting business ideas to cultivate business start-ups. Some of the rewards include solutions to business operation conundrums as well as agricultural product processing,” he said.

MOST VIEWED

  • Police seek arrest of Chinese ‘gang’

    Cambodian police remain on the lookout for 20 Chinese nationals who earlier this month posted a video clip threatening to stoke insecurity in Preah Sihanouk province, though the Chinese Embassy in Phnom Penh maintained the group posed no threats to Cambodia’s national security. National Police

  • Rapper deletes song critical of Cambodian social issues

    A young musician has deleted from Facebook and YouTube a rap song that was critical of Cambodia’s social issues and announced that he will stop singing the song after officials visited his home in Siem Reap province and allegedly gave him a warning. Provincial

  • Sihanoukville authority orders structure dismantled

    The Preah Sihanouk provincial administration has ordered owners of two unauthorised construction sites to immediately dismantle them and warned of legal action if the owners failed to comply. Ly Chet Niyom, development management and construction bureau chief at the provincial hall, told The Post on

  • Man arrested for fake PM endorsement

    The owner of currency exchange company GCG Asia Co Ltd was temporarily detained by the court yesterday for attempted fraud after Prime Minister Hun Sen reacted to the company using his name and pictures to allege his endorsement of the firm. Phnom Penh Municipal Court