DILI, 17 setembru 2021 (TATOLI)– The Ministry of Tourism, Commerce, and Industry in partnership with the United Nations Development Program (UNDP) officially launch an innovation challenges competition with the theme” “ENHANCE ENTREPRENEURIAL INNOVATION FOR THE ECONOMIC RECOVERY”.
The event was organized this Friday, at the Delta Nova hall, to encourage youths to come up with different, unique, and innovative ideas related to social business from various sectors (agriculture, fisheries, tourism, manufacturing, food production, technology, and other sectors that have high economic value and contribute to solving communities’ problems) at the same time supporting the economic development of the country.
“During the competition, the judges will choose 40 youth creative from 12 municipalities including Oé-Cusse RAEOA. The participants will gather in the Bootcamp on 18-20 of october, 2021,” According to the statement released from MTCI this Friday.
The MTKI and the partners will expand the support for the Micro Small Medium Enterprises through the innovative integrated center and will accumulate all the programs including all the institutions that work related to the business such as SERVE, Chamber of Industry, the line of Ministerial and development partners in the adequate place with modern technology which will be associated with the international investors.
In addition, MTCI and partners would offer Business Incubator Program to 40 young businessmen who had been accessed to the facilities of the innovation challenges competition.
The aim of establishing the Business Incubator Program is to foster Timor-Leste’s enterprises’ development, particularly the young entrepreneurs with innovative startup ideas.
“The Government had noticed that Timor-Leste had been facing various problems from within and outside the country due to the impact of the Covid-19 and the April flash flood. Therefore, the government came up with the idea of giving opportunities to young people, by focusing on sustainable development in which the prosperity of the people will be the main priority,” Vice Minister of Trade and Industry, Domingos Lopes Antunes made the comments during the official launching of the Innovation Challenge Competition at Delta Nova hall, in Dili, on Friday.
Thus, the Government of Timor-Leste, through the Ministry of Tourism, Commerce, and Industry (MTCI) in partnership with the United Nations Development Program (UNDP) created the Innovation Challenge Competition as a way to encourage youths to come up with different, unique, and innovative ideas related to social business from various sectors (agriculture, fisheries, tourism, manufacturing, food production, technology, and other sectors that have high economic value and contribute to solving communities’ problems).
He said the Innovation Challenge Competition would contribute to reducing unemployment in the country, by supporting and developing the private sectors through unique and innovative business ideas.
Furthermore, MTCI had established a soft loan with only 3% percent of interest annually, to facilitate the micro small and medium-sized enterprises to have access to the “soft financing” or “concessional funding from the National Commercial Bank of Timor-Leste (BNCTL), Antunes said.
He said the Innovation Challenge Competition was officially launched due to good cooperation between MTCI, UNDP, BNCTL, and the Institute for Business Support (IADE).
“MTCI considers Timor-Leste’s micro small and medium-sized enterprises as one of the important pillars in supporting the economic development and economic growth of the nation. Thus, I call on all young entrepreneurs to take this opportunity seriously to develop your business,” he said.
Jornalista : Natalino Costa
Editora : Julia Chatarina
Translator: Filomeno Martins
Editor: Nelia Borges Rosario
