The Korea International Cooperation Agency (Koica) and the Ministry of Education today will sign a Record of Discussions (RoD) for a project to build a startup incubation centre and other initiatives to nurture the entrepreneurial spirit in students.
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The RoD will be signed at the Ministry of Education in Phnom Penh by Hang Chuon Naron, the Minister of Education, and Baek Sook-Hee, Koica vice president.
The project aims to improve the startup ecosystem by fostering the entrepreneurial spirit in students attending the country’s leading universities, Koica said in a press release.
The Korean government will provide $7 million in grant aid to build the Cambodia-Korea Incubating Centre, and fund programmes that seek to strengthen startup competitiveness and support young entrepreneurs at the Royal University of Phnom Penh and the Institute of Technology of Cambodia.
“The project will create high-quality jobs and help form industry-specific professionals,” Koica said, adding that it aims to lay a foundation for diversifying the local economy.
The project will run from 2019 to 2023.
“This project will also contribute to closing the gap between academic capability and market demand to promote sustainable industrialisation in Cambodia,” the statement said.