The G20 Young Entrepreneurs Alliance (YEA) Summit Saudi Arabia concluded its activities and issued its final communique, which was presented by G20 YEA Summit Saudi Arabia Chair, H.R.H. Prince Fahad bin Mansour bin Nasser Al Saud to H.E. Dr. Fahad Al Mubarak, Minister of State, Member of the Saudi Arabian Council of Ministers, and Saudi Arabia’s G20 Sherpa.
The priorities in the Summit’s final communique stem from interviews and a global survey of young entrepreneurs that asked them about the challenges and opportunities facing their businesses and the economies and societies in which they operate. The recommendations also build upon in-depth research on the entrepreneurial ecosystem in G20 countries that members have conducted jointly over the past ten years with knowledge partners. The communique is aligned with the priorities of various working groups in the B20 process, most notably the area of SME development and employment.
SMEs and entrepreneurs are the main job creators in the G20 economies, employing more than two-thirds of the private sector workforce and providing more than 80 percent of net job growth. As the world begins to repair the economic damage from COVID-19 and looks for ways to pay down record levels of government debts, the potential of entrepreneurs to drive a new generation of sustainable and inclusive growth needs to be harnessed now more than ever.
During his speech, the Saudi G20 Sherpa Fahad Almubarak said” It is essential to enable the youth and promote youth entrepreneurship to unlock better opportunities as our Crown Prince emphasized that empowering women and youth remain two key pillars to achieving sustainable growth”
The G20 YEA Summit Committee issued the following five recommendations for G20 Leaders and their governments:
“These recommendations have been developed in the spirit of partnership and in the firm belief that encouraging entrepreneurship across our societies can drive the economic and social renewal of our planet,” said HRH Prince Fahad bin Mansour bin G20 YEA Saudi Summit Chair. “I firmly believe that in order to achieve the ambitious goals of these recommendations and overcome any significant challenges facing the youth entrepreneurship ecosystem, we must work in solidarity with others. I would like to encourage leaders and governments of the G20 states to remember their essential roles when it comes to youth development and empowerment. I am confident they will listen to us, work with us, and support us,” he concluded.
“The G20 YEA Virtual Summit Saudi Arabia 2020 has been highly productive and encouraging, featuring fascinating dialogues between international experts and many bright ideas shared by young entrepreneurs and business leaders from around the world,” stated Sarah Al Ayed, G20 YEA Saudi Summit 2020 Saudi Sherpa. “I believe that our journey has just started, as we look to the future with a defined set of KPIs we hope to achieve by working hand in hand with all 20 countries with the objective of aligning and developing millions of entrepreneurs, as well as addressing challenges and identifying and leveraging the opportunities that lie on the road ahead, as evidenced in the Summit’s theme ‘Entrepreneurship is a source of innovation and resilience,’” she concluded.
The G20 Young Entrepreneurs Alliance Virtual Summit was hosted by Entrepreneurship Vision, powered by FAYVO, and in partnership with key local and global organizations, including: Global Alliance: G20 Young Entrepreneurs Alliance; Strategy Partner: Accenture; Governmental Partners: Ministry of Communications and Information Technology, Ministry of Investment, Monsha’at (General Authority for Small and Medium Enterprises); Knowledge Partners: Prince Mohamed Bin Salman College of Business and Entrepreneurship (MBSC), King Abdullah University of Science and Technology (KAUST); Ecosystem Partners: FALAK, GEN Saudi, 500 Startups, RAZ Group, Community Jameel, Saudi Venture Capital Company; Summit Sponsors: Spring Rose, Gourmet Café; Summit Partners: Athar Consultancy, El Domo, TACT, FIRST Travel Agency, RESERVAL, ILSA Interactive, Sustainable; and Communications Partner: TRACCS.