Venture Into Social Entrepreneurship, PM Najib Tells Youth

KUALA LUMPUR, March 19 (Bernama) -- Prime Minister Najib Razak wants more youths to venture into social entrepreneurship and help to bring about a lasting positive impact on society. He said as Malaysia is moving towards becoming a high-income income nation, social entrepreneurship will be the key to creating an economy that is based on knowledge and innovation. It is also key to drive social transformation and create a more just and balanced society, he added. "The New Economic Model provides the framework and environment to empower private enterprise and to reduce income disparities. "But an economic model itself is not enough. We need a social model that can bring about social changes," said Najib in his keynote address at the inaugural International Conference for Young Leaders 2015 here Thursday. Social entrepreneurship is a business model that focuses not just on profit but also emphasises creating a positive impact and a more equitable society. Although the concept is still relatively new, it has gained awareness among the youths here. Najib said those practising social entrepreneurship also gain in terms of business, technical and functional skills, not to mention the inculcation of the noble human values that come from striving to better the lives of others. "I believe that given the opportunity, young people with the desire to change the world will use the social business model to have deep positive and lasting impacts on social and environmental issues. "We need more outstanding young Malaysians who have the initiative, perseverance and a sense of idealism who are roles models to look up to, and to encourage more social entrepreneurs to come forward," he said. On another note, the Prime Minister said the government will continue to support social entrepreneurship, including providing funding and skills to nurture young entrepreneurs in this sector. The role of the social entrepreneurship unit under the Malaysian Global Innovation and Creativity Centre (MaGIC) is fundamental in this, he said. "MaGIC Social Entrepreneurship is now a one-stop shop for social entrepreneurs in Malaysia to inspire a whole new generation to become active citizens, and to encourage current social enterprises to reach more and more people," he added. Some 300 participants from 10 countries are attending the three-day event themed 'Changing Communities through Social Entrepreneurship'. Also present were Youth and Sports Minister Khairy Jamaluddin and his deputy M Saravanan, as well as Works Minister Fadillah Yusof. At the event, the Prime Minister also presented the Hope Award to winners in all seven categories. Speaking to reporters later, Khairy said his ministry will continue to act as a facilitator to encourage youths to venture into social entrepreneurship, besides exposing them to the available opportunities and aid options. He also urged government-linked companies (GLCs) to use the social entrepreneurship model, saying it would have a more positive impact on sosio-economic status than aid given through their corporate social responsibility programmes. He said the government is also prepared to increase funding to MaGIC, the key agency tasked with boosting the social entrepreneurship sector. Nearly 700 youth entrepreneurs have benefited from MaGIC since its inception in 2013, he added. (photoBernama) -- BERNAMA