ISLAMABAD: Federal Minister for Planning, Development and Reform Ahsan Iqbal has expressed great concern over Pakistan being ranked as least efficient innovator.
“In Knowledge Economy era, creativity and innovation are fundamental drivers of progress and prosperity and no country can afford to ignore innovation,” he said while responding to the report. He said that Pakistan Vision 2025 aimed at building new innovation foundations in economy for competitiveness.
Ahsan Iqbal declared that partnership among the government, private sector and academia was being promoted to bring synergy in the efforts to transform the economy into a knowledge economy. He said that modern and complex economic challenges demanded that nations pursue economic agendas with clarity and unity.
A new ‘Creative Productivity Index’ (CPI) developed by the Asian Development Bank (ADB) and Economic Intelligence Unit (EIU) has ranked Pakistan as the least efficient innovator. Pakistan is ranked 23rd with weaknesses in fostering a competitive business environment and it provides little incentive for firms to innovate, says the report.
According to the index, Myanmar and Cambodia have also been ranked as the least efficient innovators, while Japan and South Korea have been ranked as countries most efficient in the Asia and Pacific region at turning creative inputs into tangible innovation. Of those with lower creative inputs, Pakistan and Cambodia are less efficient at turning inputs into outputs.
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