A Business Incubator Centre under the Asian Development Bank’s Ger Area Development Investment Programme has been inaugurated at the Bayankhoshuu Subcentre in the Mongolian capital Ulaanbaatar.

On May 28, ADB Country Director Pavit Ramachandran launched the business incubator. The ceremony was opened by the Governor of Ulaanbaatar and joined by representatives from World Bank and United Nations Development Programme.

The facility will provide capacity building to micro and small and medium enterprises (MSMEs) and startups, and improve access to urban services to 250,000 ger area residents.

According to the StartupBlink 2020 Global Rankings Report, Mongolia is ranked 93rd out of the top 100; Ulaanbaatar entered for the first time this year at rank 690 out of 1,000 cities. The global startup ecosystem mapping and research centre StartupBlink has released ‘The StartupBlink 2020 Global Rankings Report.’

Business Incubators were used to great effect in supporting MSME’s in former East Germany, following re-unification as well as in Ukraine and Russia following the collapse of the Soviet Union. Typically, a the companies are brought together in one shared building, where basic training is provided and facilities are shared.