KS Ministry of Economy, in cooperation with UNDP, provides funds for young people to start their own companies

(Patria) - The KS Ministry of Economy, in cooperation with UNDP, offers training and funds for young people to start their own companies. A cooperation protocol was signed today between the Ministry of Economy of Canton Sarajevo and the United Nations Development Programme (UNDP) with the aim of creating new jobs through the implementation of the program "Development of Entrepreneurship and Support for Starting New Startup Companies in the Canton of Sarajevo".

For the implementation of this project, the Ministry of Economy allocates 850,000 convertible marks, and UNDP allocates 150,000 KM. A total of one million KM for the development of youth entrepreneurship. Young people will be able to find out how to access training and funds as early as tomorrow, when a public call will be published on the website of the KS Ministry of Economy. The Minister of Economy of KS, Haris Bašić, emphasizes that young people in BiH, including the Sarajevo Canton, are mostly oriented towards the public sector when choosing jobs, and it is not a driver of societal development.

"The real sector is what develops society and brings new ideas. We want to awaken the entrepreneurial spirit in young people, not declaratively, but through systemic support. The short-term goal is to establish up to 50 companies founded by young people in Canton Sarajevo, which is certainly a special value considering it involves self-employment and huge potential for further development," said Bašić.

In addition to training and assistance in developing business plans, young people will receive 15,000 KM in direct aid to cover initial investments and costs of starting a business.

Furthermore, the KS Employment Service is prepared to participate and cover part of the salary and contribution costs for all young people who go through this program and whose business ideas are supported, in the amount of 600 KM per month, for a period of one year – or 7,200 KM annually.

Edis Arifagić, Head of the Local Development Programme at UNDP in BiH, stated that much is said about the problems of young people in our country and their desire to stay, but there is little concrete help.

"The youth unemployment rate is 40 percent. This is a concrete situation where young people are given a chance to enter entrepreneurship, as independent entrepreneurs in fast-growing sectors," says Arifagić.