Competitiveness Support Fund (CSF) join hands with academia to conduct the Executive Opinion Survey 2008 of the World Economic Forum

The Competitiveness Support Fund engages the students of the Economics Department at the Quaid-e-Azam University with the aim of creating a network between the leading business community and the future business leaders.

The Competitiveness Support Fund (CSF) as the partner institution of the World Economic Forum (WEF) is carrying out the Executive Opinion Survey (EOS) 2008 in Pakistan for the Global Competitiveness Report 2008-2009.

The Competitiveness Support Fund, a joint initiative of the United States Agency for International Development (USAID) and the Ministry of Finance, Government of Pakistan, has proposed a unique strategy to the World Economic Forum to engage the academia in conducting the Executive Opinion Surveys. The CSF strategy has also been appreciated by the Harvard University and is being considered to being one of the most innovative strategies from any of the 153 World Economic Forum partner institutes.

The CSF held an interactive session with the Economics Department at Quaid-e-Azam University, Islamabad to engage the faculty members and the students for this exercise. The meeting included discussions on the Global Competitiveness Report 2007-2008, which is published each year by the WEF and benchmarks 131 economies over the 12 competitive pillars.

Amir Jahangir from the Competitiveness Support Fund informed the students and the faculty members that Pakistan ranked 92 out of 131 countries on the Global Competitiveness Index. He further elaborated the issues concerning Pakistan’s competitiveness. CSF has adopted the approach of engaging the academia in developing and implementing the EOS strategy, which will be creating platforms for industry-academia linkage.

CSF team, which also included Ms. Hina Akhtar, Communications Specialist, floated questions across the discussion room to the students and the faculty members creating an interactive session on the importance of positioning Pakistan on a global footing. Students were asked to describe their future vision and their potential impact on business community to which most of them had set plans of working in prestigious multinationals, international development agencies and research positions – all acknowledging the potential impact they would be having if they had stronger networks with the business community as well as a deeper insight into the issues of competitiveness.

CSF shared that the Global Competitiveness Report (GCR) has been the World Economic Forum’s flagship publication since 1979 and is widely recognized as the world’s leading cross-country comparator of factors affecting economic competitiveness and growth. The Executive Opinion Survey is a major component of The Global Competitiveness Report and provides the key component that turns the Report into a representative annual measure of a country’s economic environment and its ability to achieve sustained growth. Top level business executives operating in Pakistan will be surveyed to capture their opinion on the business environment in which they operate.

CSF further added that by engaging the academia, CSF aims at building the capacity of the future business leaders who will soon be joining the business community and help create a group of business leaders who would be sensitized on the importance of Global Competitiveness Index (GCI), The GCR 12 pillars and the role of business community in measuring the GCI. Also having the opportunity to interact with the leading CEOs of the country, it would enable the academia to create a network with the business community.

Dr. Muhammad Ishfaq, Assistant Professor Quaid-e-Azam University and one of the faculty members leading the program at the Economics Department described this as an important initiative to promote competitiveness relevant issues as research topics at the higher academic level.

CSF will be interacting with other leading economic, business and journalism schools across Pakistan to create a network of more then 100 students and faculty members to assist CSF in carrying out the Executive Opinion Survey from January to May 2008.

The Competitiveness Support Fund (CSF) is a joint initiative of the United States Agency for International Development (USAID) and the Ministry of Finance, Government of Pakistan and was established as an independent body to reposition Pakistan’s economy on a more competitive global footing.

Support for CSF is part of the $ 1.5 billion in aid that the US Government is providing to Pakistan over five years to improve economic growth, education, health and governance.

Pakistan Lacking Venture Capital for Sustained Economic Growth

Islamabad, 7 February 2007 – The Competitiveness Support Fund (CSF) along with the Pakistan Business Council (PBC) held a special meeting on Venture Capital with Securities and Exchange Commission of Pakistan (SECP), in Karachi yesterday. The meeting was attended by the Chairman SECP, Razi-ur-Rehman, Salim Raza, Chief Executive Officer of the Pakistan Business Council and Arthur Bayhan, Chief Executive Officer of the Competitiveness Support Fund.

Mr. Razi-Ur-Rehman agreed to the suggestions made by the CSF and informed the delegates that the SECP has finalized a framework for Venture Capital in Pakistan, which will be issued by the end of March this year. Chairman SECP asked the CSF to provide its assistance in establishing Venture Capital in Pakistan by bringing in international expertise. Mr. Rehman also suggested that the CSF should form an informal implementation group on Venture Capital comprising the stakeholders to identify key issues and the way forward.

The meeting was in reference to the mandate of CSF to reposition Pakistan’s economy on a more competitive global footing. CSF in collaboration with the World Economic Forum in the Global Competitiveness Report of 2007-2008 has identified that the lack of Venture Capital and Equity Finance weakens the competitiveness of Pakistan’ economy.

Arthur Bayhan informed the Security and Exchange Commission of Pakistan (SECP) that on Venture capital Availability, Pakistan ranked at (89) as compared to India (29), China (71), Malaysia (18), Vietnam (64) and Thailand at (51) among the 131 countries that the World Economic Forum (WEF) assessed in the Global Competitiveness Report 2007-2008. Mr. Bayhan also informed the SECP that Pakistan's economy has yet to attain its full potential and growth of the Venture Capital industry may help reach this potential.

The meeting also discussed the way forward to improve the venture capital in Pakistan. The Competitiveness Support Fund (CSF), a joint initiative of the United States Agency for International Development (USAID) and Ministry of Finance, Government of Pakistan is working closely with the Pakistan Business Council (PBC) to promote Venture Capital in the country.

Highlighting the importance of venture capital in Pakistan, Salim Raza, Chief Executive Officer of the Pakistan Business Council (PBC) said that ”Pakistan presents a number of investment opportunities, especially in Energy, Engineering, Agriculture and Health sectors”. Mr. Raza further elaborated that the identified sectors are supported by very favorable and rapidly improving conditions in the market and country's investment policies are generally recognized as some of the most favorable in the region”.

CSF along with the Pakistan Business Council highlighted the importance of creation of a vehicle for Venture Capital. Acting as a catalyst to promote venture capital in the country, it would also take the SMEs to a higher level of growth.

To support the knowledge based economy and economic growth in Pakistan; CSF has a special window on business incubator/ venture capital for which CSF will be working closely with relevant stakeholders in the public and private sector along with the academia and the media. This facility will lead to the creation of business incubators and provide funding for them.

CSF in collaboration with the Pakistan Business Council will also support the Securities & Exchange Commission of Pakistan in its efforts to improve the legal framework surrounding Venture Capital.

Support for CSF is part of the $ 1.5 billion in aid that the US Government is providing to Pakistan over five years to improve economic growth, education, health and governance.

CSF to conduct the annual review on Competitiveness of Pakistan’s economy

Islamabad, February 1, 2008 - The Competitiveness Support Fund (CSF), a joint initiative of the United States Agency for International Development (USAID) and Ministry of Finance, Government of Pakistan, is starting its work on the second State of Pakistan’s Competitiveness Report for 2008. CSF, as the partner institution of the World Economic Forum (WEF) in Pakistan is working closely with the Global Competitiveness Network of the WEF on this report.

The State of Pakistan’s Competitiveness Report 2008 will track Pakistan’s performance, spotlighting the areas of progress and areas of further focus. In addition to explaining the results of the Global Competitiveness Report of 2007-2008 of the World Economic Forum and benchmarking Pakistan’s progress against its peers, the report will evaluate Pakistan’s progress in raising its competitiveness in 2008-09. Each of the areas of recommendation will be assessed based on tangible, measurable results. This will be completed both at the national as well as regional level. The 2008 Report will spotlight a thematic area that may require focused attention from Pakistan’s economic leadership. Pakistan is ranked 92 among the 131 countries on the global competitiveness rankings.

CSF will start its interaction with the stakeholders in the first week of February 2008, including all relevant ministries, leading public and private sector institutions, business councils and trade bodies along with academia and the media. CSF will be identifying the areas to improve Pakistan’s competitiveness through a consultative initiative with the key stakeholders.

The report is an important policy tool for the government’s economic growth agenda and for private sector investment in Pakistan. The report will also include the action plan and timetable to improve key industries that will boost economic growth. This year the State of Pakistan’s Competitiveness Report will assess the global competitiveness index of Pakistan’s economy on the following pillars i.e. 1) Institutions, 2) Infrastructure, 3) Macroeconomic stability, 4) Health and primary education, 5) Higher education and training, 6) Goods market efficiency, 7) Labor market efficiency, 8) Financial market sophistication, 9) Technological readiness, 10) market size, 11) Business sophistication and 12) Innovation.

The first State of Pakistan’s Competitiveness Report was launched by former Prime Minister Shaukat Aziz in March last year. CSF prepared the State of Pakistan’s Competitiveness Report for 2007 which reported that overall Pakistan had improved its competitiveness position in the rankings of the World Economic Forum.

The State of Pakistan’s Competitiveness Report 2008 will take an in-depth look at Pakistan’s ranking on the Global Competitiveness Report (GCR) of the World Economic Forum (WEF). The report will provide a snapshot of the strengths and weaknesses of Pakistan’s economy, key positive and negative trends in the economy, regional development in each of the four provinces along with economic potential in the FATA and FANA region.

This year, the Competitiveness Support Fund (CSF) will include a chapter on gender in the State of Pakistan’s Competitiveness Report 2008, which will identify the gender gaps affecting competiveness in Pakistan, especially the areas identified by the World Economic Forum in its Global Gender Gap Report 2007.

The State of Pakistan’s Competitiveness Report 2008 will provide a framework for capturing the magnitude of gender-based disparities. It will also provide explanations for policy-makers and business leaders in seeking solutions for talent shortages and how to close gender gaps and leverage the talents of both women and men.

Launched in May 2006, CSF supports Pakistan’s goal of a more competitive economy by providing input into policy decisions, working to improve regulatory and administrative frameworks and enhancing public-private partnerships within the country to reposition its economy on a more competitive global footing. CSF also provides technical assistance and co-financing for initiatives related to entrepreneurship, business incubators and private-sector-led initiatives with research institutes and universities that contribute to creating a knowledge-driven economy.

Support for CSF is part of the $1.5 billion in aid that the U.S. Government is providing to Pakistan over five years to improve economic growth, education, health, and governance.