Interim government chief advisor Professor Dr. Muhammad Yunus proposed to develop fruitful linkages between universities and introduce cooperative education to empower the youth by taking full advantage of the digital revolution.

He said, first of all, we need to create and deepen effective and fruitful linkages between our universities and similar knowledge imparting institutions. Special attention should be given to preparing boys and girls of applied science as entrepreneurs.

The chief adviser made the call while addressing the 11th D-8 Summit in Cairo, Egypt on Thursday (December 19).

He said the D-8 member countries should bridge the current gap between entrepreneurship and higher education and bring them closer together. Their aim should be to equip the leaders of the D-8 countries with the knowledge gained from this education to ensure survival in the fiercely competitive global business and industrial markets.

He added, “If that means revamping the D-8 trade and investment framework, then we should do that.” Business should be transformed from being seen only as a means of wealth creation to positively impacting people’s lives. They will engage in social business to build a new civilization.

The 2006 Nobel Peace Laureate said, secondly, in the D-8 countries, they have tried for years to provide basic education and skills to millions of people through conventional institutional frameworks.

Among 1.2 billion people, it’s often a daunting task, he added. For example to reach the ‘standard’ we have tried through distance learning. We need to think more deeply about how to skill millions of young people in the workplace. Right attitude, values ​​and ethics are just as important as hard skills in the workplace.

We also face the challenge of continuously re-skilling millions of people in various vocational fields, he said.

Noting that basic AI-based tools and applications are now within reach, Professor Yunus urged the D-8 leaders to consider a collaborative learning agenda, which could complement their national commitments.

As the ‘world of work’ evolves as rapidly as the world of youth entrepreneurs, the D-8 countries need to innovate new forms of ‘education’ to prepare their sons and daughters to become economic leaders, he said.

Professor Yunus said, our countries have great traditions, wisdom and achievements. We have to see how we can combine them to build something new. The digital revolution that has been going on for years, we are yet to take full advantage of.

He also said, now that AI is available, let us think whether we can tackle the obstacles in this regard for the benefit of our entrepreneurial sons and daughters. Moving forward, I would like to propose two specific steps for our consideration.

Highlighting the significance of the D-8 Summit, the Chief Adviser said the D-8 leaders have met at a time when the world is witnessing unprecedented challenges, while many opportunities beckon them.

He noted that the theme of the summit, focusing on youth and SMEs, resonates perfectly with our aspirations.

Prof. Yunus said, like all the D-8 countries, Bangladesh has a substantial youth population with only 27 years of age. About two and a half million young people enter the labor market every year, he said.

‘In private sector-driven economies, when we try to fit them for the market or encourage them to emerge as entrepreneurs, we see how the rise of technology is creating challenges and opportunities like never before,’ he added.

Countries have millions of workers in manufacturing—generally low-skilled—but the manufacturing and service economies of the future are rapidly transforming, largely relying on artificial intelligence, machine learning, data-driven tools and applications, the chief adviser said.

He said while agriculture in Bangladesh is still an important foundation for society and economy, it has been found that most of the children of smallholder farmers are not interested in farming the risky and often precarious fields like their parents.

Professor Yunus said that traveling in rural Bangladesh, and even across Asia, Africa and the Arab world, he has seen how today’s millions of young people are rapidly adopting technology and innovation all around them, either to address long-standing challenges or to explore new opportunities. Even a few years ago, many thought it impossible.

He said that young people often show strange imaginations in dealing with complex climate problems in the field.

I especially underline this because our agriculture and food are changing to secure our economy and create wealth within our own societies, with little outside input, he added.

On the importance of Small and Medium Enterprises (SMEs), the Chief Adviser said it brings into consideration the millions of SMEs and most of them thrive within the informal economy.

He said they want to grow and connect to global supply chains. Often, they lack formal structure, institutional funding or support structures and are unfamiliar with market norms-practice-standards. Still, I see how surprisingly capable and competitive SMEs are.

Collectively, they have enough resources to support these SMEs in the D-8 countries, even through private philanthropy, he said.

Through our modest support, we can build a ‘circle of goodness’ for them and for our people. “We need to finance them through risk-free financing,” the Nobel laureate said.

He asked the D-8 governments to call for a result-oriented dialogue with the candid youth community involved in startups – business – financing. In this they can find new possibilities in themselves.

Professor Yunus asserted that Bangladesh would be ready to take forward such initiatives and convene the first multi-stakeholder meeting in 2025.

We, he concluded, accept the outcome of the Cairo Declaration and Summit to reflect our collective aspirations and commitment to pressing issues. I can call on leaders to rethink our collective agenda.

The ceremony was attended by Egyptian President Abdel Fattah el-Sisi, leaders of the D-8 member states and the D-8 Secretary General.