Stage set for Global Entrepreneurship Forum
Stage set for Global Entrepreneurship Forum
Representatives from the Kingdom, South Korea, Bangladesh, China, India, Nepal, the Maldives, Japan, Jordan, Indonesia, Kuwait, Pakistan, Philippines, Qatar, Lebanon, the UAE and Vietnam inked the agreements during the forum sessions.
The new alliance is expected to bring the signatories to the agreements to a common platform to boost the entrepreneurship among the youths of the respective countries.
Michael Lee from South Korea told Arab News that the new alliance will open up new areas for cooperation among the member countries in the area of entrepreneurship. “We have been toying with the idea of organizing a special program for young entrepreneurs, and finally achieved forming a new alliance for the Asian countries,” Lee said.
He added that the structure, functions and the location of the headquarters are yet to be decided at subsequent meetings.
Abdulaziz Almutairi, secretary general and director general of the Centennial Fund, signed on behalf of the Kingdom.
Almutairi said the Global Entrepreneurship Forum (GEF) is an annual event that gathers international leaders in business and entrepreneurship in one location for the purpose of sharing insights, exchanging best practices, and generating exposure for the latest trends and innovations in the global community of entrepreneurs.
The Centennial Fund (TCF) launched this initiative in 2011 as an extension of the annual Prince Abdulaziz bin Abdullah International Award for Entrepreneurship.
Innovation in social enterprise is the theme of this year’s forum as the GEF explores the viability of solving a variety of social issues, both locally and globally, through the vehicle of entrepreneurship.
The future of entrepreneurship in the Kingdom looks bright and prosperous, as indicated by the presence of several factors required for successful business industry leadership, including viable human capital in the Kingdom's youth, the availability of funds for capital investment in new ventures and the King’s vision of Riyadh as the world’s capital of entrepreneurship in the next decade.”
The Centennial Fund has launched more than 20 initiatives and strategic partnerships, including Youth Business International, the G20, the Global Entrepreneurship Forum — held annually in Riyadh. It also launched G20 Young Entrepreneurs Alliance, the Gulf Cooperative Council Union of Entrepreneurs, Prince Abdulaziz bin Abdullah International Award for Entrepreneurship, and the Clinton Global Initiative under the auspices of former US President Bill Clinton.
TCF has established Centennial Valley in conjunction with local universities to serve as an incubator for entrepreneurs. TCF has also announced the launch of the International Academy of Entrepreneurs.
Amer Bukuvit from Bosnia and Heerzegovina, who was the moderator at the first session of the forum, told Arab News: “It’s time for the nations to groom the young entrepreneurs and train them according to the needs of the country. It has to be win-win situation.”
Former Prime Minister of Bosnia and Herzegovina Zlatko Lagumdzua said education and economy of a country should go together for the prosperity of a nation. Every nation has a social responsibility to provide adequate security for businesses, which will eventually promote its economy.
Samantha Caccoma, founder and CEO of Swiss-based Social Business Earth (SBE), described the forum as a fantastic concept to bring young entrepreneurs to get new ideas through exchange of experiences.
SBE is an international consulting and advisory service firm based in Lugano, Switzerland, that utilizes the model of social business, a concept developed by Nobel Peace Laureate Muhammad Yunus, to maximize the social impact of businesses, charities, philanthropists and government entities.
In addition, SBE offers social business incubation services to entrepreneurs who are launching their own social business startups and assisting them with their business plan and strategy.
Feasible social business ideas alone are considered.
SBE is officially recognized by the government of Canton Ticino, Switzerland as an organization of social utility that does not distribute dividends.
Fernando H.F. Botelho from F123 said his company has low-cost software, which will help the visually impaired to do their studies and office work. He said he is looking for business partners in the Gulf region.
Turkish lira hits record low, down 20 pct against dollar this year
ISTANBUL: The Turkish lira tumbled more than 5 percent on Wednesday before recovering some ground, the latest drop in a sell-off that reflects growing investor alarm over the direction of monetary policy under President Tayyip Erdogan.
The decline, exacerbated by stop-loss selling by Japanese retail investors overnight, brings the lira’s losses to more than 20 percent so far this year and puts it on track for its worst monthly performance since the 2008 financial crisis.
The sell-off has also increased expectations that the central bank may be forced to call an extraordinary meeting to raise interest rates before its next scheduled policy-setting meeting on June 7, as it has done in previous years.
“We expect the MPC to hold an interim meeting over the coming days to raise interest rates by at least 200bp,” Jason Tuvey of Capital Economics said in a note to clients.
“If policymakers refrain from tightening monetary policy, the risk of a disorderly adjustment and a sharp economic downturn (possibly recession) will mount.”
The lira was at 4.8500 at 0855 GMT from its close of 4.6746 on Tuesday. It earlier touched a record low of 4.9290. It also fell against the Japanese yen, amid talk Japanese retail investors were selling the lira as it hit stop-loss levels.
“We are bearish on the lira and always have been given its very weak external balances and with macroeconomic policy moving in the wrong direction as well,” said Kiran Kowshik, emerging markets forex strategist at UniCredit.
A self-described “enemy of interest rates,” Erdogan wants borrowing costs lowered to spur credit growth and construction, and he said last week he would seek greater control over monetary policy after elections set for June 24.
Economy officials told Reuters the government’s economic management team met at the start of this week to discuss potential measures, including possible steps by the central bank. Deputy Prime Minister Mehmet Simsek and Central Bank Governor Murat Cetinkaya attended the meeting.
Ratings agencies sounded alarm about monetary policy. S&P Global senior sovereign analyst Frank Gill told Reuters government finances could deteriorate rapidly if authorities failed to stem pressure on the currency and government borrowing costs .
Investors want to see decisive rate increases to rein in double-digit inflation, and Erdogan’s comments have reinforced long-standing worries about the central bank’s ability to do that.
Borsa Istanbul Group, the Istanbul stock exchange company, said in a statement on Wednesday it had converted its foreign currency assets into lira, aside from its short-term needs, in a step to support the Turkish currency.
The lira’s weakness was exacerbated by dollar gains against a basket of currencies, with investors awaiting the minutes of the Federal Reserve’s last policy meeting for hints on the pace of monetary tightening.
The yield on the benchmark 10-year bond rose to 15.30 percent at the opening from a last trade of 14.92 percent on Tuesday.
The main BIST 100 share index fell 0.22 percent to 103,105 points on Tuesday.