The Chamber of Commerce and Industry of Uzbekistan and the Korea International Cooperation Agency (KOICA) signed an agreement to launch the project “Stimulating a business incubation system in Uzbekistan,” UzA reports.

The project, worth $5.5 million, is aimed at developing a system which provides comprehensive assistance to entrepreneurs in the implementation of their business projects.

As part of the project, standard business incubators that provide entrepreneurs with the opportunity to receive practical assistance from qualified specialists in the implementation of their business ideas will be created in Tashkent. Here proposals will be developed to improve the regulatory framework in the field of supporting future entrepreneurs, stimulating their activities, and developing an innovative business ecosystem in Uzbekistan.

In the business incubator, special attention will be paid to the development of youth entrepreneurship. Through the organization of educational practice in the Republic of Korea, young people, as well as specialists from departments and organizations involved in the promotion of innovative business, will improve their skills.

During the visit of President Shavkat Mirziyoyev to South Korea in 2017, agreements were signed on the implementation, with the support of KOICA, of projects aimed at developing a business incubation system in Uzbekistan based on Korean experience. In accordance with these agreements, a new project is being implemented.