Today Pakistan stands in the Global Competitiveness Index ranking at as low as 126 out of 136 nations. The report shows that there is a high degree of positive correlation between overall competitiveness and Management expertise. Thus knowledge alone isn’t enough if it is not translated into professional skills. For Pakistan to make significant progress, it is imperative to develop internationally competitive Human Resource at all costs. However, this is only possible if there is a strong linkage between Academia and Industry which would eventually boost the economy of this nation. Furthermore, cutting-edge research is needed which if implemented by policy-makers can revolutionize the whole system. Therefore, a positive involvement by the government can enhance the prospects. The China-Pakistan Economic Corridor (CPEC) is one such project on which the future of this country depends and a team with enough professional acumen for this important venture is needed as well.
In the light of above-mentioned facts, I am extremely pleased to know that the Office of Career Services (OCS), a designated body of UMT has come up with the plan of initiating a think-tank called, “Innovation Capital Development Forum (ICDF)” which will prepare graduates as both entrepreneurs and executives.
It is said that “small minds discuss people; average minds discuss events; great minds discuss ideas.” I am excited about this development as I strongly believe in the talent and potential that exists in the individuals of our society. I wish the entire team of OCS best of luck in contributing towards making Pakistan more prosperous – as envisaged by its founder, Jinnah.
Dr. Hassan Sohaib Murad
Chairman, ILM Trust and BOG, UMT
Mentor, ICDF
In today’s globalized society, the importance of human capital to put the world economy on road to progress and innovation is categorically unquestionable. While organizations and government agencies around the world are making efforts to do away with poverty, diseases, unemployment and illiteracy, the most important sector of providing manpower and human capital i.e. educational institutions are finding out new and innovative ways to integrate with the public and private-sector industry and work out the best possible solutions to the problems which most of the countries and their governments are concerned with.
Human capital is inevitably connected with the success of business today. Companies are trying their best to hire competent and trained individuals to work for them, but emerging challenges are calling for new investments in training programs so that people are able to learn new skills, competencies behaviors and attitudes and apply innovative ideas to practice.
According to 2016-17 report of the World Economic Forum (WEF), Pakistan stands on 122 number on the Global Competitive Index. Research and training services are not given any importance in our industry. Holistic approach rather than the traditional economical way of training the individuals is needed to do the best from better. Moreover, effective strategies to support the development of human capital are need of the hour. Our ranking of human development could only be improved when tri-part partnership consists of government, academia and industry joins hand in hand with each other for the sake of peace and prosperity of the country. We need to create opportunities for people especially youth by investing in their proper training, coaching, facilitation and consulting. The government should also ensure entrepreneurship, innovation, improvement and better use of human capital development predominantly keeping the game-changer project of CPEC in view, that is opening up with a great number of opportunities for industry and academia. It must play a role of catalyst agent and a bridge between universities and industry. Together, we can move forward and put Pakistan on the road to development. This is good for the health of Knowledge Economy and for the future of our country.
I am delighted to learn that University of Management and Technology (UMT) has taken an initiative to launch “Human Capital Development Forum” that is supposed to be functioning as a think-tank by engaging industry and academia. Some of the objectives of the forum are that it would bridge up gaps between industry and academia; help Pakistan develop in Human Resource with intellectual capital, orientate university graduates to play their role for CPEC and industry. I hope the forum will succeed in mobilizing innovation, respond to common problems of the industrial sector, collaborate with government organizations and stimulate social development in the country.
Dr. Muhammad Aslam
Rector, UMT
Chairperson, ICDF
UMT has always played a pioneering role in creating interventions and finding solutions for societal enhancement, development and advancement. The current initiative of ICDF - Think Tank is a harbinger to our next global initiative migrating from the current models to transformations aligned with new emerging saga whereby value chain of expectations and deliverance are going through metamorphosis necessitating re-thinking and re-inventing of norms and conventions. Therefore we as a Global partner need to move towards the knowledge economy.
The key component of a knowledge economy is greater reliance on intellectual and creative capabilities. The knowledge economy is therefore based on the generation and adoption of new knowledge created by extensive research and technological advances. This further entails investments in education and research and openness to social, economic and cultural innovations.
The style of consumption, management, and utilization of resources and their final disposal needs new interventions which are resulting in disruptive innovation and new commercial approaches. Optimizing the production, distribution, consumption and use of knowledge is the desired outcome of this Think tank trough inclusion and collaboration.
I am confident that by the active involvement of all the stakeholders this ICDF will take Pakistan towards Idea Economy resulting in very high ranking in knowledge economy Index (KEI), Global Competitiveness Index (GCI) and Global Happiness Index (GHI).
In sum, research and experience show that large-scale and sustainable economic, social, and environmental innovation us the product of collaboration and networks rather than the loan inventor, the inspirational community leader, or the single policy initiative.
Mr. Khalid Naqi
Chief Project Lead and Advisor, ICDF
Director Office of Career Services (OCS), UMT