US President Barack Obama talks with a group of students while Najib Tun Razak looks on during a visit to the Malaysian Global Innovation and Creativity Centre (MaGIC) in Cyberjaya. - EPA
CYBERJAYA: Malaysia and the United States have pledged to continue their shared commitment to foster more young entrepreneurs, as they will form the bedrock of both countries' economies in the future.
US President Barack Obama said this was important to provide a chance for youth, so they would be able to create things and start their own businesses.
"The dreams and the talents of these young people help to fuel our economies, create jobs, and bring our countries closer together," he said in his opening remarks at the Malaysian Global Innovation and Creativity Centre (MaGIC) headquarters, here Sunday.
Among MaGIC’S objectives include monitoring the performance and to house an integrated database of entrepreneurs, provide them with incubators, facilities to help them guard their intellectual property and access to funding, guidance and training.
Obama said the MaGIC initiative was a direct result of the entrepreneurship summit that Prime Minister Datuk Seri Najib Tun Razak hosted last year.
"Around the world, we are helping young entrepreneurs connect, collaborate and start their own businesses, serve their communities, tackle global challenges like expanding education and combating climate change," he said.
He said the centre served as a "one-stop" shop, so young entrepreneurs can get help to file their patents for their ideas, access to loans and venture capital investments.
"We just had a chance to see some of the innovations... this is the type of entrepreneurship that me and Najib wanted to encourage," he said.
At the event, Prime Minister Datuk Seri Najib Tun Razak also announced, in honour of Obama's visit, the field in front the MaGIC headquarters, in Cyberjaya, would be renamed as the "Obama Oval".