Dalian, China, 3 September 2007 – The Competitiveness Support Fund, the partner institution of the World Economic Forum in Pakistan, will be participating, along with the key private sector leaders and Government representatives in the Dalian Conference from 6-8 September 2007. The Competitiveness Support Fund (CSF), a joint initiative of the Ministry of Finance, Government of Pakistan and the United States Agency for International Development (USAID), has been instrumental in assisting the World Economic Forum in identifying the next generation of global business champions in Pakistan. These champions, known as the Global Growth Companies, will be brought together in an unprecedented meeting in Dalian, People’s Republic of China. The meeting has already being described as a “Summer Davos”. Organized together with the Chinese government, the gathering will focus on the role that new and fast-emerging multinational companies are playing in fundamentally changing the global business landscape.

By addressing key issues hindering economic growth in Pakistan, CSF has been successful in creating partnerships between the private sector leaders, government and academia to respond to the challenges and opportunities of the globalized economy. CSF has partnered with the Pakistan Business Council (PBC) and its members to create awareness on taking initiatives improving weaknesses of the private sector in Pakistan such as willingness to delegate authority, extent of staff training, reliance on professional management, extent of incentive compensation, extent of regional sales, company spending on research & development, building capacity for innovation etc.

The Pakistan Business Council (PBC) will be leading the delegation of private sector corporate leaders for this conference. Competitiveness Support Fund and PBC signed a memorandum of understanding in August 2007 to undertake joint initiatives in engaging the government, research institutes, academia and the private sector in developing evidence-based advice on changes in legislation relating to public policy initiatives. PBC will also help CSF in achieving its objective of supporting 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.

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. CSF supports Pakistan’s goal to have a competitive economy by providing input into policy decisions, working to improve regulatory and administrative frameworks and enhancing public-private partnerships within the country. 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.

Prime Minister, Shaukat Aziz, launched the first ever State of Pakistan’s Competitiveness Report 2007, prepared by CSF in March this year. The report identified key factors, issues and areas of potential for Pakistani businesses to address to become global growth companies. While these companies have not yet reached the size and international reputation of global companies, they nevertheless have succeeded in gaining a global reach and competitive advantage through speed, flexibility and constant innovation. To remain competitive in this environment, current and future leaders need to be able to identify where in the market this fast growth is taking place, evaluate those business models that are proving the most effective and establish new relationships for growth.

The World Economic Forum has established a selection committee of CEOs from existing member companies to help identify Global Growth Companies. In order to get the broadest selection, which will capture the worldwide and multi-sectoral nature of these emerging multinationals, the Forum is also asking a broader business audience for help in identifying relevant companies. The Competitiveness Support Fund has identified the key companies in Pakistan, which have the potential to become global growth companies.

“While the main theme in Davos was the shifting power equation, Dalian will be an opportunity to find out how emerging global players are doing exactly that: changing the competitive landscape, reshaping business and transforming society,” said Peter Torreele, Managing Director at the World Economic Forum and responsible for the Dalian programme.

“The New Champions are companies that are fast growing, expanding outside their traditional boundaries and changing the business reality of their industry sector. Over the next 10 years, we expect them to become the world’s top 500 corporations; so, in Dalian, participants will get a clear perspective on how current trends are shaping the future of business,” he added.

Based on the final selection, more than 1,500 participants are expected in Dalian at the Inaugural Annual Meeting of the New Champions. CEOs will be joined by international political figures, leaders of the world’s most competitive cities and fastest-growing regions and states, experts of the Web 2.0 world, personalities from the Forum’s Community of Young Global Leaders and the international media to exchange ideas, network, cooperate and share new perspectives.

The Competitiveness Support Fund has already conducted the Executive Opinion Surveys of the business community for the Global Competitiveness Report 2007-08 (GCR) of the World Economic Forum. The report is expected to be launched by the end of October 2007. CSF will be releasing the State of Pakistan’s Competitiveness Report for 2008 early next year on the indicators of the Global Competitiveness Report 2007-08.

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