The Global Innovation Index (GII)-2009-10 has ranked Pakistan at 103 position out of 134 countries as far as innovative entrepreneurship is concerned, revealed an expert Dr Sohail Jahangir Malik, Chairman Innovative Development Strategies (Pvt) Ltd in his presentation at a conference here on Wednesday.
Accordingly, the index ranks India at 54th position, Indonesia 70th, Thailand 60th, Malaysia 29th whereas China at 67th in the ranking of 134 innovative countries. Moreover, in the Innovative Output Index, Pakistan was ranked at 86th position out of 132 countries of the world, India 69th, Indonesia 80th, Thailand 71st, Malaysia 29th and China 31st.
Dr Sohail underlined the need for creating conducive environment to promote the innovative entrepreneurship, terming it a cornerstone for economic growth. He also underlined the need for strengthening co-operation and partnership between public and private sectors, enhancing access to key factors like financing, skills and basic services for improving growth. Dr Sohail said that Public Private Partnerships are necessary for development of incubators, financial mechanisms such as credit guarantees and other SME support systems.
Problems in this area are holding back innovation and entrepreneurship, he said, adding strengthening of the Public Private Partnership laws and ensuring their implementation is also key to promote entrepreneurship. He pointed that there is weak data with weak analysis, leading to weak economic policies, adding there is also absence of monitoring, evaluation, policy research and extension system in our economy.
Sohail also emphasised focusing on inclusive growth fostering entrepreneurship and innovation. To facilitate the business community, he said, contract enforcement be ensured along with access to justice, adding that the business community should also participate in developing infrastructure, access to loan and risk capital, allowing SMEs to compete, access to technology and Research and Development.