DILI, 30 may 2022 (TATOLI) – The government of Timor-Leste, through the Minister of Tourism, Trade, and Industry (MoTTI) urged young Timorese people who are willing to become entrepreneurs and businessmen to be serious about running their own small businesses.
Vice Minister of Trade and Industry, Domingos Lopes Antunes spoke to 25 young Timorese who were competing at the semi-final stage of the Youth Business Innovation Challenge (BCI) competition II, organized by the Ministry of Tourism, Trade, and Industry (MoTTI), and the United Nations Development Program (UNDP).
BIC Competition II is a competition for young Timorese people with innovative project ideas to receive grant funding and technical assistance from the government of Timor-Leste to run their business.
“To become a young entrepreneur, you need to come up with great business ideas. So, those applicants with the best business ideas would be selected to receive the grant and technical assistance from the MoTTI and UNDP to run their business,” Antunes said at the Dili Convention Center (CCD), on monday.
More than 200 applicants applied for the Business Innovation Challenge Competition II and only 51 applicants passed the selection documentation process to proceed to the next stage called Pra-Bootcamp. After competing in the Pre-Bootcamp stage, only 25 applicants were selected to compete in the semi-final or Bootcamp stage which is set to take place from may 30 to June 1, 2022.
“You need to be focused and serious about running your own business to ensure its sustainability. Because the capital grant that you will receive after winning this competition is like an instrument to start your business,” Antunes stressed.
He said the successful young entrepreneurs would have the opportunity to borrow money from the Timor-Leste Commercial Bank (BNCTL) to transform their small business into a big business: “If you are successfully running your business with the grant from this competition, then you will also have the opportunity to borrow money between 1.000 and 250.000 with only 3% of interest rate annually.”
Antunes said MoTTI has planned to extend Business Innovation Challenge (BCI) competition to other municipalities to encourage more young people to set up the same business at the municipal level.
“MoTTI would extend this program to eastern municipalities, including Baucau, Lautem, and Viqueque, and also to Bobonaro municipality in the western part of the country,” he said.
Francelino Guterres, Manager of the SEAWAY Project of UNDP said both parties would carry out Joint Monitoring Program to ensure the sustainability of the business of these young people.
“MoTTI and UNDP will carry out regular monitoring to ensure the sustainability of the business of these young people. Therefore, we will support them with their Small Business Marketing Strategy. For instance, selling their products at the various exhibition in the country,” Guterres emphasized.
Journalist: Filomeno Martins
Editor: Nelia Borges
