G20 YEA Summit 2020 calls to harness potential of entrepreneurs for inclusive growth

October 31, 2020
G20 Young Entrepreneurs' Alliance (YEA) Summit signing of the communique.
G20 Young Entrepreneurs' Alliance (YEA) Summit signing of the communique.

RIYADH — Chaired by Prince Fahad Bin Mansour Bin Nasser, the virtual summit of the G20 Young Entrepreneurs' Alliance (YEA) 2020 concluded its activities and issued its final communiqué after a series of panel discussions and presentations by young entrepreneurs from across the globe.

The summit ran from the Oct. 29-30, under the theme 'Entrepreneurship is a Source of Innovation and Resilience.'

Local and global speakers took the stage to share insights, learnings, and expertise focusing on the summit's theme that was built on three main topics, namely Entrepreneurship and the Economy, an Entrepreneurial Disruption, and Social and Environmental Aspects.

Young entrepreneurs joined from locations across the globe to learn from each other and unite their voices in an urgent call to action from the G20 Leaders.

"Entrepreneurship is fueled by innovation and resilience. As we reflect on the economic hardship we have all witnessed and lived through during the COVID-19 pandemic, the year 2020 has showcased the agility of entrepreneurs and start-ups as they seek to develop new opportunities and find creative ways to deliver entrepreneurial excellence," stated Prince Fahad, Chair of G20 YEA Saudi 2020 Summit.

The priorities in the summit's final communiqué 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 communiqué 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.

It is in this light that the G20 YEA Summit Committee issued the following five recommendations for G20 Leaders and their governments.

• Address the barriers to capital faced by the world's young entrepreneurs

• Support skills training and entrepreneurial education

• Grow the sustainable economy of tomorrow

• Meaningfully address trade barriers

• Promote economic and social resilience through digitalization

The virtual summit kicked off with the handover of the chairmanship from Japan to the incoming G20 Young Entrepreneurs Alliance and KSA Summit Chair Prince Fahad, followed by the Summit Partner presentation by Principal Director of Accenture Armen Ovanessof, and Global Managing Director of Accenture Francis Hintermann.

They then moderated a panel session titled 'Pivotal Adaptation to COVID-19.' Taking part in the panel were Kitty C. Liao, founder and CEO of IDEABATIC Ltd., Michele Frisoli, CEO of Manta Group, and Louis Debouzy, founder and CEO of Hello Medical. — PRNewswire

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