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Thursday, September 19, 2013

Scheme to mentor youth in social entrepreneurship


KUALA LUMPUR (Sept 19, 2013): The government is expected to announce a framework including funding and programmes designed to assist and mentor youth in social entrepreneurship as early as next month, said Finance Ministry secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah (pix).

"The government has plans to design programmes to help and mentor the youth. During the Global Entrepreneurship Summit 2013 to be held on Oct 11, some announcements will be made by the prime minister," he told reporters at the event to announce the upcoming Fifth Global Social Business Summit yesterday.

He said there are plans to set up a centre where young entrepreneurs can be coached and have the opportunity to network with successful entrepreneurs, which is part of the government's aim in becoming a global innovative entrepreneur hub.

Irwan said the government is also in the midst of developing a framework for entrepreneurs which will also include social entrepreneurs.

"The government will announce it (the framework) soon. The government's funding for social entrepreneurship is also work in progress, wait for the Budget 2014 announcement. The government needs to look at the overall budget and decide how much goes to which entities," he added.

Currently, there are 70 social enterprises or businesses in the Klang Valley but the figure is not accurate as many social enterprises operate as non-profit organisations and there is no legal framework that defines these enterprises.

He said the government will support and provide more funds to develop social entrepreneurship as there are long-term benefits rather than relying completely on the government or the private sector.

On the effects of the recent fuel hike, Irwan said the impact on inflation is minimal at 0.2%, which would increase the current inflation from 1.7% to 1.9%. He said the country is not in recession mode while consumption and growth will continue.

"The Ministry of Domestic Affairs and Consumer Affairs are doing the enforcement They're going to the shops and so on, and controlling the price (of certain products such as food)…it's just a temporary effect, it will taper off soon," he said.

The Global Social Business Summit will be held at the Kuala Lumpur Convention Centre from Nov 7 to 9 and will be the first to be held in Asia.

Some 700 participants are expected to attend the summit which will feature speakers such as Nobel Peace Prize Laureate Professor Muhammad Yunus, Prime Minister Datuk Seri Najib Abdul Razak and co-founder of The Grameen Creative Lab Hans Reitz.

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