He said that an economic model in itself was not good enough, but a model that brings about social changes would impact communities.

"The New Economic Model provides the framework and environment to empower private enterprise and to reduce income disparities.

"Within that, the Youth and Sports Ministry has an important role to play in encouraging progressive young leaders and to promote the development of social entrepreneurship,” he said in his speech during the International Conference Youth Leader 2015 yesterday.

Najib said the concept might be quite new in Malaysia but the country already had several resourceful social entrepreneurs.

"These people see opportunities rather than problems, and apply the fundamentals of business to create a sustainable model that would lead to a more equitable society.

"Given the opportunity, young people with the desire to change the world would use the social business model to have a deep, positive and lasting impact on social and environment issues,” he said.

He added that they were also helping the Government to move towards becoming a developed nation.

To support them, Najib said the Government had committed RM20mil to set up a social entrepreneur arm under the Global Innovation and Creativity Centre, or MaGIC to nurture and develop the social entrepreneurship sector through research, training and investment.

Youth and Sports Minister Khairy Jamaluddin said social entrepreneurship was not about charity but building an organisation that brings social impact.

Currently, there were 700 young social entrepreneurs below 40, he said.