Commonwealth Asia Regional Conference on

Investing in Youth Employment

(22-24 February 2011, Colombo)

The CYP Asia Centre in collaboration with the Ministry of Youth Affairs & Skills

Development, Government of Sri Lanka

Main Objectives:  

•To provide a platform to various stakeholders to discuss regional context, trends, policy commitments and challenges of youth unemployment with a focus on youth entrepreneurship/enterprise development and decide on a slew of practical actions for the promotion of youth enterprise.

•To explore possibilities for strategic partnership/collaboration with International and National development organizations, banking institutions, corporate sector for youth enterprise development. 

Specific objectives: 

•To share the findings of the CYP’s regional situational analysis on youth employment with an emphasis on youth enterprise.

•To showcase practical interventions on youth enterprise/entrepreneurship development, including good practices across the Commonwealth.

•To share perspectives of financial institutions and corporate sectors on youth entrepreneurship and enterprise development.

Expected Outcomes: 

•Create a repository of knowledge on regional youth unemployment trends, policy issues and concerns, including good practice models on youth entrepreneurship/enterprise development.•Increase awareness about young people’s bankability to credit.•Develop practical action plans for the promotion of youth enterprise/entrepreneurship development interventions.•Building strategic partnership/collaboration with relevant stakeholders

Key areas of discussion:

•Review and reassessment of policies and programmes in the member 8 countries by Assessment Report, Country presentations, expert views•Focused on establishing strategic partnerships underscoring the roles and responsibilities of various stakeholders in promoting and enhancing youth employment and enterprise•Defining and establishing clear regulatory, policy and institutional mechanisms toward promoting and accelerating youth employment and enterprise

 Situational Analysis on youth employment in the Commonwealth Asia Region

CYP’s presentation of the situational analysis on youth employment with emphasis on youth enterprise, carried out through a desk review of secondary data, set the tone of the discussion at the conference. The focus of the CYP assessment was broad, and emphasis was placed on areas related to CYP’s mandate in order to further inform the discussions.

Policy and institutional framework –

Among other issues, the emphasis was on conducting a review of processes and mechanism with a focus on financial inclusion of the youth, and establishing and implementing clearly thought out entrepreneurship development schemes offering comprehensive and integrated packages of services

Access to finance:

The consultation called for a need to prioritize easy access, availability of micro finance and other innovative financial support for budding and established entrepreneurs, as well as, sought a larger role of the financial sector to come forward to support youth enterprise development.

Education and skill building:

The consultation dwelt on a range of discussion areas, including the need for integrating entrepreneurship education in school and college environment, encouraging entrepreneurial thinking and innovation, and comprehensive vocational training programmes.

Stakeholders’ participation:

The consultation stressed on the importance of forming strategic partnerships with financial and corporate sector on one hand, and educational institutions and community organizations on the other, with the objective of fostering an enabling environment through building and running programmes on advocacy, skill training, capacity building and other business support services to promote youth enterprise.

-Creating a knowledge portal for providing access to a variety of information including the labour market, technical and non technical support services and networks for entrepreneurs. -Documentation and dissemination of good practices

Recommendations•To review and reassess the policy and institutional framework to support young budding entrepreneurs and existing businesses•to formulate a national action plan / strategy to foster youth enterprise development •Promote a more enabling environment –improve the legal, financial and institutional framework •encourage financial institutions to provide collateral free credit and other financial services. •Integrate entrepreneurship into the mainstream education system •partnerships with stakeholders including financial and corporate sector, chambers of industry and commerce, and other private sector non profit/ support organizations

A guiding framework for action

•Promoting an enabling environment, a culture of entrepreneurship among youth•Creating a national level platform in every member country•Integrated and coordinated approach to youth enterprise

Promoting an enabling environment, a culture of entrepreneurship among youth Role of / Stakeholders Strategies / Activities

Ministry of Youth, 1) Develop a communication strategy on youth

enterprise entailing- Services, Statistics on youth unemployment (with

benchmarking tools), Good practices etc. Advocacy and awareness creation

Ministry of Finance/Banking, EducationPrime Minister’s Office (PMO)

Provide financial incentives for private sector to fund Youth Enterprise programmesFacilitation of linkages between differentstakeholders to support and grow future entrepreneurs

1)Integrating entrepreneurship education in the

school, college, university system Encourage enterprise building as a viable

career option

Promoting an enabling environment, a culture of entrepreneurship among youth Role of / Stakeholders Strategies / Activities

Financial Sector / Institutions •Creating an enabling environment•Conduct seminar/ training workshops

Corporate Sector / Chambers •Support services by establishing incubation centre and by providing infrastructure•Help drive creativity and innovation amongst youth

NGO’s / Other support organizations •Advocacy and awareness raising to create an enabling environment•Capacity building of youth•Training the trainers

CYP High level interventions on promoting youth enterprise developmentProvide technical and advisory services

Creating a national level platform in every member country

  Role of / Stakeholders Strategies / Activities

Ministry of Youth•Setting the scene through national youth policy

•Formulation of a national action plan working with multi stakeholders focusing on advocacy and awareness creation, financial and non-financial support services

•Developing strategy for Implementation1.Resource mobilization2.Monitoring and Evaluation Framework3.Creation of special youth enterprise development fund

Creating a national level platform in every member country Role of / Stakeholders Strategies / Activities

Ministry of Labour, Finance / Banking, Commerce, MSME

1) Mainstreaming youth employment in to

the national employment strategy

2) Financial inclusion policy for youth

3) Setting the scene through employment

&enterprise related policies

4) Create incentives for private sector to

fund Youth Entrepreneurship

programmes

5. Facilitation of linkages between different

stakeholders involved in Youth enterprise

development and delegate management

of programmes third party experts

Creating a national level platform in every member country  Role of / Stakeholders Strategies / Activities

Financial Sector 1. Collateral free easy loans at a differential rate of interest for the youth

2. Change focus from product-centered to customer focused financial services

3. Develop appropriate products and services for emerging youth enterprises

Corporate Sector / Chambers 1. Funding youth initiatives and projects, provide mentorship

2. Open source initiatives enhancing visibility and reach for entrepreneurs

3. Training and apprenticeships Business linkage opportunities

4. Offer mentoring and advice both to young entrepreneurs and to those involved in Youth Entrepreneurship

Creating a national level platform in every member country  Role of / Stakeholders Strategies / Activities

NGO’s / Other support organizations

CYP

1. Articulate the needs of the youth and the challenges facing them

2. Provide leadership and mentoring youth Community building programmes, awareness campaigns

3. Capacity building4. Carry out, facilitate and co-

ordinate,implementation programmes5. Lobby with the government to ensure

changes achieved in suitable and timely manner

• Creating a regional platform on youth enterprise development with UN and other international agencies

• Convene Regional level expert meetings to share successful experiences

Integrated and coordinated approach to youth enterprise

 Role of / Stakeholders Strategies / Activities

Ministry of Youth 1. Constitute a broad based inter-ministerial committee with clearly defined Terms of Reference

2. Organizing national level meetings and workshops

Ministry of Finance / Banking More allocation of funds to promote youth enterprise

CYP 1. Identification and mapping of stakeholders / potential alliance

2. Creating a knowledge portal3. Data and statistics on youth,4. Documentation and dissemination

of good practices

THANK YOU!