KOICA To Provide Cambodia-Korea Incubating Centre for Cambodia

The Ministry of Education, Youth and Sports (MoEYS) and the Korea International Cooperation Agency (KOICA) signed a Record of Discussions (RoD) in Phnom Penh yesterday to officially launch the Project for Establishment of Business Incubation System between University and Industry in Cambodia.

The signing ceremony took place at MoEYS between H.E. Dr. Hang Chuon Naron, Minister of MoEYS, and Ms. Baek Sook-Hee, Vice President of KOICA, during the latter's visit to the Kingdom of Cambodia along with the state visit of H.E. Moon Jae-in, President of Republic of Korea from Mar. 14 to 16, 2019.

This five-year (2019-2023) project is designed to create a start-up ecosystem and market network in Cambodia by developing a system to foster start-up companies in the Kingdom's leading universities. KOICA plans to construct Cambodia-Korea Incubating Centre (CKIC) and support capacity building for centre operations, strengthening start-up competitiveness, and promoting start-up support programme in Royal University of Cambodia (RUPP) and Institute of Technology of Cambodia (ITC), with a total budget of US$7 million.

In the signing ceremony, Ms. Baek Sook-Hee admired the achievements that Cambodia has accomplished during last decades to maintain an average growth rate of 7 percent. She also expressed her expectation of this project to contribute to Cambodia's industrial diversification that helps Cambodia achieve sustainable development in the future.

The project will create high-quality jobs and foster industry-specific professionals, while KOICA plans to lay a foundation for diversifying industries in developing countries to strengthen national competitiveness from a long-term perspective, she underlined.

Source: Agency Kampuchea Press