Nobel Laureate Professor Muhammad Yunus joined hands with Japanese NGO SK Dream to create a social business that offers vocational training programs and job opportunities especially for young people in Bangladesh from disadvantaged families.
Professor Yunus and the President of SK Dream of Japan, Kazuko Sumino, signed a memorandum of understanding (MoU) on Friday at the annual Social Business Forum Asia in Fukuoka, Japan, held this year July 20-22.
The social business will be an automobile workshop and auto mechanic training centre in Bangladesh that uses Japanese investment and technology. Sumino is the founder of SK Dream, an organization that supports disadvantaged people. Her husband’s family established the famous Autobacs chain stores all across Japan, with annual revenues of $3 billion and over 500 stores in Japan.
Sumino became intrigued by the concept of social business since Yunus’ visit to Japan in July 2011, and had since discussed the possibility of setting up a social business in Bangladesh along with carrying out a feasibility study for an auto mechanic training centre.
The joint venture will offer training in auto mechanics at various levels of proficiency. It also aims to produce spare parts in the future. The business is expected to begin work in Bangladesh in June 2013.
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