Jeddah, KSA, 23.06.2014 - Emerging entrepreneurs participating in the 3rd IDB Youth Forum called for a favorable business climate in Muslim Countries in order to support businesses that will create jobs for the youth.

The entrepreneurs made the call during a seminar entitled “Youth Entrepreneurship: From Job Seekers to Job Creators”, on the sidelines of the 40th Establishment Anniversary celebration of Islamic Development Bank (IDB), which is to be held concurrently with the 39th Annual Meeting of the IDB Board of Governors in Jeddah, Kingdom of Saudi Arabia, 24-26 June.

In his welcome address at the IDB Youth Forum, IDB Vice President (Corporate Services) Dr. Ahmet Tiktik stated that the current educational system in many countries does not promote entrepreneurial spirit and that the system is not geared to absorb graduates and drop-outs. He mentioned that it is the awareness of this problem that has encouraged IDB to organize the third youth forum.

Participants from Egypt, Ghana, Cameroon, Saudi Arabia, and the United Kingdom among others, participated in the panel discussion and brainstormed on the current business climate, the challenges facing young entrepreneurs such as the lack of effective regulatory frameworks and monopoly by major entrepreneurs.

Selima Ahmad, the Founder and President of the Bangladesh Women Chamber of Commerce & Industry, told the participants that “to succeed in business you need to create your own space and avoid the fear of risk.” She stressed on the need for training to achieve success.

“Monopoly by the major players is a serious issue, there is a need to protect the start-ups and address the challenges of regulatory framework”, said Mr. Khalid Suleimani, President of the Saudi based SIRB Investor Network.

Mr. Ahmed Alfi, Chairman, Sawari Ventures, Egypt, told the participants that jobs are the by-products of what we do, so we should remain focused. “Addressing funding gaps and working on the ecosystem that remains dysfunctional should be a priority”.

Anna Sameka, a Senior Portfolio Manager at Lundin Foundation, Ghana, called for the protection of intellectual property rights, while Chritsian Ngan, the Cameroon-based Founder Madlyn Cazalis, called on young entrepreneurs to “start small and think big”.