Iskandar Malaysia must be ready to facilitate new transformation, which means taking into account the new economy driven by millennials, said Menteri Besar Johor Datuk Seri Mohamed Khaled Nordin.

He said 69 percent of Iskandar Malaysia's population were youths aged between 16 and 40.

"We need to engage with our younger counterparts. It cannot be business as usual, as we need to learn and embrace the millennials’ values and business trends," he said before officiating the "Invest Iskandar Malaysia 2017 Symposium" today.

Mohamed Khaled (photo), who is also the co-chairperson of the Iskandar Regional Development Authority, said Iskandar Malaysia should bring in new investments that would venture beyond the conventional industry, not only in property, but also in science and technology.

He said the millennials were progressive, unafraid to embrace changes, innovations and new ideas.

"As bold risk takers, millennials are keen to spot the gaps in the market and are not afraid to seize new entrepreneurial opportunities.

"As such, there is a wave of start-ups and new entrepreneurial activities which needs investments from angel investors and venture capitalists, and investment managers need to pay attention to these emerging products, services and models or risk being left behind," he said.

Mohamed Khaled cited crowdfunding as an example of capital accumulation, saying that its rapid growth, along with other innovative methods of capital accumulation driven by millennials, would certainly change the way investments are obtained in the future.

Besides, the menteri besar said millennials believed in pursuing the greater good of mankind and feel obligated to make the world a better place.

"This has given rise to social entrepreneurship. Value-conscious millennials are developing, funding and implementing solutions to a host of issues.

"This has led to social start-ups addressing diverse causes such as homeless people, micropower generation and educational opportunities for the less fortunate," he said.

Thus, various opportunities have been created for investors to implement socially responsible investments.

"The question we need to ask, as investors, is whether our investments would matter to humanity as a whole? Are we sowing seeds of hope and joy in the lives of the needy?

"It is time that we celebrate the new economy, not merely by facilitating it, but also by nurturing it. Now is the time for millennial driven investments," he added.

- Bernama