News: Omar calls to benefit from foreign expertise to improve productivity
Name of the Newspaper:Pakistan Observer
Date of publication: Thursday, March 02, 2006

ISLAMABAD: Pakistan has established a "Competitiveness Support Fund" (CSF) under the umbrella of Ministry of Finance, to take benefit from the experiences and expertise of other countries in the sector aiming to improve the competitiveness and productivity of the country.

This was stated by Minister of State for Finance Omar Ayub Khan while talking to a delegation of Economic Councilors from China, India, Japan, South Korea, Belgium and Spain who called on him at the Ministry of Finance here.

The Vice President of the Competitiveness Institute, Barcelona Spain, Arthur Bayhan was also present on the occasion.

Omar Ayub Khan told the delegation that he will be visiting their countries and discuss competitiveness and productivity issues with the relevant institutes, universities and Academia in there in order to share their experiences and expertise in the field of competitiveness and productivity for the benefit of Pakistan.

Khan said that Pakistan's economy is showing resilience, and due to prudent economic policies initiated by the government, is producing dividends.

He informed them that Pakistan's poverty ratio which hovering at 32 percent in the year 2000 has now in 2006 has declined to 24.5 percent and steps are underway to further reduce it through poverty reduction strategies in the country.

Omar Ayub Khan said last fiscal year Pakistan has achieved a GDP growth of 8.4 percent and this year he hoped to achieve the economic growth rate of upto 7 percent during current financial year.

The Minister of State for Finance told the delegation that the government has established a Competitiveness Support Fund (CSF) in collaboration with the United States Agency for International Development (USAID) as a platform for innovation and competitiveness in Pakistan.

He added that CSF has been established with US $ 10 million under the umbrella of Ministry of Finance Government of Pakistan and the USAID and the partner organizations would match the amount in the fund.

He said the fund would be increased to US $ 50 million.

He added that the objective of the CSF was to catch up the progress made in various countries on innovation and competitiveness to propel the economic growth, enhance the quality production and create better employment opportunities for youth in the country.

"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 added.

The Minister said Pakistan now faces an urgent need to ensure the competitiveness of its enterprises and to promote innovation to grow its economy and create the conditions for the economic well being of its citizens in the future.

Arthur Bayhan in his remarks said that the Competitiveness Institutes (TCI) regional conference on competitiveness and economic growth in Asia will be held here in Islamabad from May 15 to 16 ,2006 in which the cluster experts on practitioners from various countries would participate.

He added that conference is being organized by the Competitiveness Support Fund (CSF),sponsored by the USAID and auspices of TCI and the Ministry of Finance government of Pakistan.

He expressed the hope that these conference would help improve the competitiveness and productivity standings of Pakistan at regional and global levels.

The Economic Councilors assured Omar Ayub Khan of their full supports during his visit to the their respective countries.