DILI, 18 november 2023 (TATOLI) – The Ministry of Trade and Industry (MTI), in collaboration with UNDP and IADE, has signed contracts with 161 young Timorese entrepreneurs who qualified for the Youth Business Innovation Challenge Competition IV (YBICC-IV).
The Minister of Trade and Industry, Minister of Trade and Industry, Filipus Nino Pereira said that the YBICC-IV aims to promote young Timorese entrepreneurs who have great business ideas to run their businesses.
“We provide business counseling services and subsidies to help our young Timorese entrepreneurs to start their businesses,” said Minister Pereira, in Dili.
He said that all young entrepreneurs are encouraged to compete, saying that winning or losing is not important, at least they learn something about how to create their own business.
“Applicants can present their business ideas in various areas, including fishing, tourism, mineral resources, agricultural crops, construction, etc,” he explained.
YBICC-IV was launched due to close collaboration between the MTI, UNDP, and the Institute of Business Development Support (IADE).
Minister Pereira said that MTI will continue to support young entrepreneurs with training and capacity-building to ensure that they are equipped with the necessary skills to run their businesses.
The winner of the competition will receive a prize ranging from US$1,000 to US$7,000. The recent YBICC was won by Isménio Martins with a prize of US$7,000. This year, MTI has allocated US$90,000 for competition.
Journalist: Jose Belarmino de Sá
Editor: Filomeno Martins