ISLAMABAD, Dec 15: Minister of State for Finance Omar Ayub Khan on Friday said the government was focusing on innovation and competitiveness to attain adequate sustainable economic growth.
He added that the objective of the Competitiveness Support Fund (CSF) was to catch up with the progress made in various countries on innovation and competitiveness to propel economic growth, enhance the quality production and create better employment opportunities for youth of the country.
He was speaking at the MoU signing ceremony for promoting knowledge-based agribusiness development. The MoU was signed by Pakistan Agriculture Research Council (Parc) and the CSF.
It is a joint initiative of the ministry of finance and the US Agency for International Development (USAID) to work together for promoting knowledge-based agribusiness development and long-term growth in Pakistan's agriculture sector.
Omar Ayub, who is also chairman of CSF, said purpose of this initiative was to build linkages between business and research in the country.
“Such linkages will spark the kind of information sharing that makes business more dynamic and supports the commercialisation of innovations developed at our research institutions,” he added.
The CSF through its financial facilities will develop appropriate instruments to upgrade the competitiveness of the economy and promote overall competitiveness in Pakistan, which will boost the economic growth and create better employment, the minister said.
He said Pakistan now faced an urgent need to ensure the competitiveness of its enterprises and services and to promote innovation to strengthen its economy, which is productive and create conditions for the economic well-being of its citizens.
Pakistan needs to strengthen conditions and institutions, which will allow the Pakistani economy and society to respond to the challenges and opportunities of the newly risen global knowledge-based competitive economy.
Explaining working of the CSF, the minister said the programme would use one of its financial facilities to promote knowledge-based enterprises.According to the MoU, Parc and CSF will undertake joint review of various research projects with a view to identify research areas for commercial benefits, in consultation with the government, private sector, researchers and academia in the agriculture sector.
An action plan for co-financing of the technical assistance for selected agriculture projects will also be developed.
“This partnership will ensure that Pakistan is better poised not only to understand the needs of the global market, but also meet those needs head-on with a highly skilled, well-trained work force,” said Acting Mission Director of USAID, Patricia Rader, who witnessed the signing of the agreement.
CSF will also support Parc in creating linkages with relevant industries and lead the research in areas of livestock sector and dairy development, development of agriculture technologies with emphasis on post-harvest technologies and value addition.
The development of improved quality fruits, vegetables and cut flowers with a focus on value chain will also be considered under this initiative.
To further generate innovative ideas and cooperation in the agriculture sector, CSF and Parc will provide technical assistance by engaging foreign experts to support and initiate programmes that promote the creation of knowledge-based enterprises in the country.
CSF is working closely with the Higher Education Commission (HEC) on similar lines to commercialise research at Pakistan's universities and research institutions.
A joint programme of HEC and CSF to provide matching grants to the academia for commercialisation of research and involve industry in this co-operation will be launched in February 2007.—APP