The program began with an electrifying performance  by the musical troupe Malaysia Percussion which set a high note to the opening ceremony. Hans Reitz, the  Director of Global Social Business Summit and Nurfarini Daing, CEO of Youth Trust Foundation myHarapan welcomed the participants and handed over the floor to Nobel Laureate Professor Muhammad to conduct the first the session. In his opening speech, Professor Yunus expressed his happiness in seeing the concept of social business develop and flourish globally.  The Founder of Grameen Bank said the capitalist system came up with a lot of promises and the whole world had rallied merrily around it. “It was thought that it would solve all problems. Instead it created new problems. And we see no light at the end of the tunnel, and we are trapped” He said social business. He said business is a very powerful machine which could be used in different directions for achieving multiple results instead of driving it into for a single goal of making money. “Social business could be that multi-tasking machine,” said the Bangladeshi economist, and  offered the chance of making lasting impact.

The microcredit pioneer described how the social business conquered new frontiers, making inroads into traditionally conservative and powerful organizations. A highlight of the day was was the announcement about the establishment of  Social Business Fund in Mexico through a signing today of an MOU between Government of Veracruz Mexico and Yunus Social Busines Global. This is a follow up of a visit by  Professor Muhammad Yunus to the State of Veracruz, Mexico  in July 2013 at the invitation of Governor Dr. Javier Duarte de Ochoa. During the visit, the Governor announced his willingness to invest US$ 4.5 million into a social business fund for the State of Veracruz, and to start a Holistic Social Business Movement (HSBM)  including the set up of a Fund and an Incubation Center. This investment will help create a supportive environment within which social businesses can thrive.

The opening session was followed by two plenary sessions. The panelists for the first plenary session included Dr. Fatima Al Balooshi, Minister of Social Development of Bahrain, Richard Branson,Virgin Group (virtual address), Saskia Bruysten, CEO of YSB, Nurfarini Daing, Eric Lesuer, Projects Director, Veolia Environnement, Hans Reitz and Prof. Hiroto Yasuura, VP of Kyushu University and Mr Rogerio Oliveira CEO of Yunus Social Business, Brazil. The second session consisted of 20 focus group sessions which went into greater depth on particular aspects of social business.  The focus group session was followed by the second plenary session which focused on co-creation, collaboration and the importance of partnerships as a key driver for social business.

The Summit will run from November 7-9, 2013. It can be mentioned that the opening ceremony was attended by  H.E Y.A.M Tunku Redhauddin, Prince of Seremban State, Malaysia and the closing ceremony will be attended by  Prime Minister of Malaysia Mr.  Dato Sri Haji Mohammad Najib Abdul Razak tomorrow.

Nobel Laureate Prof. Muhammad Yunus addressed the media launch with a video message.

Further panelists attending the media launch were Tan Sri Dr. Mohd Irwan Serigar Abdullah, Secretary General of the Treasury of Malaysia, Nurfarini Daing, Chief Executive Officer of Youth Trust Foundation myHarapan and Faiz Arshad, Founder of Recovr a local social business case study.

The Malaysian government is expected to announce a framework including funding and programmes designed to assist and mentor the youth in social business by the time that the Global Social Business Summit 2013 will be happening. There are plans to set up a centre where young entrepreneurs can be coached and have the opportunity to network with successful entrepreneurs, which is part of the government’s aim in becoming a global innovative entrepreneur hub.

Nurfarini Daing mentioned that the social business scene in Malaysia is still quite young and in its infancy but that myHarapan is eager to develop it and will invest RM2mil in social businesses within the next 3 years. “We can start small but we want to scale local social businesses to become global champions.”, she said further. It was also stressed that there is a need to get corporations on board in order to develop Malaysia sustainably by 2018.

The Global Social Business Summit 2013 therefore will not only be a onetime event being held in Kuala Lumpur from November 7 to 9, but it will trigger a long-term impetus for the local social business scene and the South-East-Asian region.