Uzbek-Korean business incubator set to open in Tashkent

On January 28, the Chamber of Commerce and Industry and the International Cooperation Agency of the Republic of Korea signed an agreement to launch the project "Promoting the development of the business incubation system in Uzbekistan" with a budget of $5.5 million.

The project aims at developing a system for providing comprehensive assistance to start-up entrepreneurs in implementing their business ideas and projects, taking into account the best Korean experience.

It is planned to attract Korean experts, together with whom work will be organized in the following areas for 4 years:

- creation of an exemplary business incubator in Tashkent, where novice entrepreneurs will be able to get practical assistance in implementing their business ideas from qualified specialists;

- preparation of proposals for improving normative-legal base in the field to support young entrepreneurs, promotion of their activities, and the development of the ecosystem of innovative businesses in Uzbekistan as a whole;

- providing assistance in institutional development to organizations (projects) whose activities are aimed at stimulating the development of youth entrepreneurship;

- professional development of personnel of departments and organizations involved in the development of youth and innovative business by organizing educational internships for them in the Republic of Korea;

- creation of an integrated information system that contains all the information necessary for beginning entrepreneurs on how to create and run a business.