As a strategic initiative to bring together young business leaders to groom them to be the next generation of business leaders for South Asia, Saarc Chamber of Commerce and Industry has launched South Asian Young Entrepreneurs Forum (SAYEF) at Colombo, Sri Lanka.
Tariq Sayeed, President Saarc Chamber of Commerce & Industry (Saarc CCI) while launching SAYEF said Saarc CCI intended to enable its members, who are amongst the most successful in South Asia, to hone their leadership and strategic business skills, and to gain broad perspectives beyond company and industry concerns.
The main objective of this Forum is to help its members realise their full potential, so that young entrepreneurs can contribute fresh, effective ideas and feedback for the future of South Asian businesses. The building of a common Singapore business community heart ware of working together is also one of the important goals of YBF. "With globalisation and the rapidly changing market dynamics, it is imperative that we nurture young, visionary business leaders who are aware, articulate and willing to serve a larger cause" Sayeed said.
He added the Saarc CCI recognises the need to cultivate a core group of Young Entrepreneurs and CEOs aged 40 and below to be the next generation of business leaders to steer South Asia ahead in the local and international arena. About 45 percent of the total population of South Asia forms young community (below 30 years), which is one of the biggest advantages for South Asia. According to an estimate one fourth of the Small and Medium Enterprises are owned by young entrepreneurs, however, the share of new entrepreneurs in total SMEs activities is only 10 percent, indicating discouraging trend, which is due mainly to the presence of number of constraints faced by young entrepreneurs in South Asia.
He identified some major constraints faced by Young Entrepreneurs comprising difficulty in Finding Qualified Labour, Access to Finance, Instability of Demand, Levels of Taxation, Low Profitability, Government Regulations, Equipment Renewal and Managerial Skills and recommended the respective Governments in South Asia to take concrete measure to encourage and promote entrepreneurship in their respective countries.
He urged upon the veteran businessmen to transfer their experiences and knowledge to their children, which will develop more successful generation, which is already attuned to the knowledge-based economy.
The Forum was addressed by Ex Parliamentarian Ramiah Yogarajan, Chairman of the Plantation and Human Development Trust, National Organiser of Cylon Workers Congress on behalf of Minister of Youth Empowerment and Socio-economic Development, Dr Rene Klaff, Regional Director, Friedrich Naumann Foundation, Kosala Wikramanaekay, President, Federation of Chambers of Commerce & Industry Sri Lanka.