The township, to be known as Borneo744, will in six months time provide facilities and activities that nurture and promote young entrepreneurship.
BOET is an initiative to strengthen and further complement the national entrepreneurship ecosystem through the NBOS.
The Finance Ministry said in a statement that the creation of BOET was announced by Prime Minister Datuk Seri Najib Tun Razak in April during a programme for young entrepreneurs in Kuching.
“Borneo744, to be located in Bintawa, will be a vibrant and collaborative town for youths in creative and innovative industries and is to encourage entrepreneurship among youth,” the Finance Ministry added.
The creation of the new township is now in full gear with the signing of a memorandum of understanding between the Finance Ministry and Sarawak Economic Development Corporation yesterday to kick start the project.
Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah said RM20mil had been allocated to turn an old Works Department warehouse into a vibrant place for youth to “work, eat and play”.
The township will comprise three components – a place to promote entrepreneurship, a section for them to venture into the food business and also a place dedicated to sports and community-based activities.
“We are also in talks with other state governments as they have indicated interest in BOET. This will be rolled out soon as we want to create similar environment for other aspiring entrepreneurs,” said Dr Mohd Irwan.