Redesigning the Financial System to Boost Entrepreneurship and Creativity2 min read
In a compelling address at the 3rd Voice of Global South Summit 2024, Chief Adviser to the interim government Professor Dr. Muhammad Yunus called for a major redesign of the financial system to unlock entrepreneurship and creativity. Speaking virtually from Dhaka, Dr. Yunus outlined a vision for a financial structure that supports all segments of society and fosters innovation.
Dr. Yunus highlighted that the current financial system is designed to concentrate wealth among a few, arguing for a restructuring that ensures more equitable distribution. He proposed the creation of social business banks to address persistent issues such as poverty and unemployment. Emphasizing the importance of accessibility, he stated, “Finance should never be a barrier for anyone,” and called for financial services that cater to everyone, particularly women and youth.
In his speech, Dr. Yunus placed a strong emphasis on the role of youth and students in shaping the future of the Global South. He noted that young people, who make up a significant portion of the population, are technologically advanced and entrepreneurial. Criticizing current educational and financial systems for focusing solely on job preparation, he argued that these systems should be redesigned to better nurture creativity and entrepreneurial spirit.
Dr. Yunus also proposed that combining entrepreneurship with social business initiatives could lead to transformative results. He urged Global South countries to collaborate in leveraging their creative young population and developing social businesses as a means to address environmental and social issues. His vision includes achieving zero net carbon emissions, zero wealth concentration, and zero unemployment through these initiatives.
In closing, Dr. Yunus invited global leaders to visit Dhaka, which has become a vibrant canvas of graffiti art created by young students expressing their vision for a democratic and eco-friendly Bangladesh. He lauded the students’ creativity and commitment, comparing their efforts to the historic language movement of 1952. The Chief Adviser concluded by congratulating India on its 78th Independence Day and reaffirming his dedication to supporting the aspirations of the Global South’s youth.
Dr. Yunus’s address underscores a significant call for reform and innovation, aiming to harness the full potential of young people in the Global South to tackle global challenges and drive sustainable development.
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