Royal Government and KOICA To Sign Record of Discussions on Establishment of Business Incubation System

Ministry of Education, Youth and Sports (MoEYS) and Korea International Cooperation Agency (KOICA) will sign the Record of Discussions (RoD) of the “Project for Establishment of Business Incubation System between University and Industry in Cambodia” at MoEYS in Phnom Penh tomorrow.

H.E. Dr. Hang Chuon Naron, Minister of MoEYS, and Ms. Baek Sook-Hee, Vice President of KOICA will be the signatories.

According to a KOICA’s press release, this 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. The project will be implemented for a period of four years from 2019 to 2023 based on the Framework Arrangement on Grant Aid which formalised the approval of the project on the part of Korean government.

The Korean government will provide grant aid equivalent to US$7,000,000 for construction of the Cambodia-Korea Incubating Centre (CKIC) and support capacity building for centre operations, strengthening start-up competitiveness, and promoting start-up support programme in the Royal University of Phnom Penh (RUPP) and Institute of Technology of Cambodia (ITC).

In addition, 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. This project will also contribute to linking a gap between academic capability and market demand so as to eventually promote sustainable industrialisation in Cambodia.