Islamabad, May 14: Pakistan hopes that a centre to promote innovation, productivity and competitiveness in Asia will be established here. “Our geography grants us an advantage that brightens our prospects to emerge as powerhouse of supporting and promoting innovations in Asian nations. At a recent ADB meeting in Kyoto, Japan I made a strong case to locate the proposed productivity centre in Pakistani.”

This was stated by Minister of State for Finance Omer Ayub Khan while talking to a group of economic journalists at a luncheon meeting of the Competitive Support Fund.

Investment in business research and innovation is recognised to be the key factor for the success of a business in the modern globalised world. There is said to be a huge gap between research outlays in the West and East. Leaders of Japan highlighted this fact in the ADB meeting and stressed the need to enhance the level of investment in the field and evolve a strategy to handle the challenge at the regional level.

Omer Ayub Khan, who attended the ADB meeting, told reporters that he strongly supported the Japanese prime minister suggestion for a regional organisation to strengthen research in Asian economies that are all set to lead the world in the current century.

He also emphasised the need to promote operations of venture capital to match the pace of growth potential in the region.

He said that stationing of regional innovation centre in Pakistan will go a long way to assist and equip the local private sector for its better positioning in international trade. Omer said that pool of experts drawn from Asian partners can lead the way for Pakistani companies losing out to competitors in the world market.