UNCTAD meeting: Focus on youth entrepreneurs

Investment and development stakeholders discussed how to create jobs for young people by promoting youth entrepreneurship and taking stock of inspiring work done so far, at the sixth session of UNCTAD's Investment, Enterprise and Development Commission last week.

About 75 million young people are unemployed worldwide, with many abandoning hopes of entering the labour market, so policies that enable young people to start their own businesses and generate jobs for others are needed more than ever.

UNCTAD has formulated a comprehensive policy framework of entrepreneurship as a tool for governments in developing countries.

Speakers related their experience of implementing UNCTAD's Entrepreneurship Policy Framework at a high-level panel. In addition, a Memorandum of Understanding on youth entrepreneurship between UNCTAD and Cameroon was signed.

Representatives of UNCTAD's Empretec program in Uganda and Jordan illustrated work being done to instill entrepreneurship in young people in their countries. Empretec is dedicated to supporting entrepreneurship in developing countries and economies in transition and has trained and motivated more than 350,000 aspiring entrepreneurs in 35 countries.

The 10 finalists of UNCTAD's Empretec Women in Business Award (WBA) were also announced. The award celebrates exceptional business women who have benefited from Empretec's entrepreneurship development training and become role models by creating jobs, inspiring others and improving the quality of life of their local communities.

On the second day, the final ministerial presentations of UNCTAD's Investment Policy Review of Bangladesh and Investment Policy Review of Mongolia took place. These reviews suggested concrete ways developing countries can attract and diversify foreign direct investment to improve the lives of their citizens.

Minister of Industries of Bangladesh, Amir Hossain Amu, and the Vice Minister of Economic Development of Mongolia, Ochirbat Chuluunbat were present.

On the third day, the Investment Policy Review of Moldova was presented to the Vice Minister of Economy of Moldova, Octavian Calmîc.

Discussions on technology and innovation for inclusive development also took place. An expert panel spoke about the mechanisms and tools available for developing countries to address social challenges through the formulation of their science, technology and innovation policy frameworks, especially in the context of a post-2015 development agenda.

Following a day of informal consultations, the Commission closed on May 2 with a briefing by Director of UNCTAD's Investment and Enterprise Division, James Zhan.

The World Investment Forum 2014 will be held in Geneva in October.