Pakistani exports declined to worrisome point, investment in R&D needed: Pro-Rector Dr Zafarullah

• Pakistan needs to focus on governance, skill development, IT and economy: Mr. Ben French from DFID
• Academia and Industry need to devise innovative business strategies: Conference Secretary Dr Nadeem Dogar

LAHORE: The University of Central Punjab (UCP) organized the 3rd International Conference on Contemporary Issues in Business Management (ICIBM) with theme “Innovations in Business: Opportunities and Challenges of Em

erging Markets” held on February 22-23, 2016, in Lahore, Pakistan.
The conference was attended by prominent academics and researchers (National and International); and a wide range of corporate representatives from large national and multinational companies, who lauded the efforts of the conference management team in organizing such a successful international event. The focus of the two-day conference

was to explore innovative business practices in the six sessions including, International Marketing & Business; Public Policy and Governance; Investing in People; Financial Challenges for Emerging Economies; The Impact of Technology in the Workplace; Innovation, Entrepreneurship and Leadership. As many as 16 papers were presented by researchers from different universities while representatives from corporate sector also made presentations and talked on the contemporary issues.
The welcome address was delivered by the Conference Chair and UCP Pro-Rector Dr. Muhammad Zafarullah, who highlighted that research and knowledge sharing was vital for the academia where mutual collaboration between academia and industry would create opportunities. Pointing at the economy of the country, he added: “Our exports have been declined to worrisome point and investment in research and development is needed for the economic development of the country. Innovation lifts the hampered economy and it can be brought in via research and development.
Prof. Rajneesh Narula, Henley Business School, University of Reading, UK and keynote speaker of inaugural session, shared his valuable thoughts about the globalized technological innovation. He pointed that financing was not the issue however the key issue was the linkages between academia and industry. Prof. Rajneesh stressed upon that university-industry joint projects must be actively pursued in developing countries.

The chief guest, Sitara Group of Industries Chairman & CEO Muhammad Adrees highlighted that among many other challenges, technological advancements is the major one. “Multinational companies are progressing because they are much more innovative as compared to the national companies. Pakistani companies need to put in efforts and in this regards HR plays a significant role.”
The keynote speaker for the second day was Dr. Naubahar Sharif from Hong Kong University of Science and Technology, Hong Kong. He commenced the first session Financial Challenges for Emerging Economies by highlighting a comprehensive presentation on the China’s journey towards technological advancements. He talked about three competitive advantages of China that are government power, autocratic system of governance and globalization.
The Chief Guest for the closing session, Mr. Ben French, Head of DFID (UK), Punjab Office appreciated the overall enthusiasm of young scholars, and efforts of University of Central Punjab in arranging a successful conference. He said that innovation does not provide opportunities in Pakistan only but this phenomena is global. West and East must work hand in hand in order to be more innovative. He mentioned four areas i.e. governance, development of skills, information technology and emerging economy, that Pakistan needs to work on and linkages between the academia and industry. This will eventually open new avenues for young scholars who should then make full use of them.

UCP Director Research and Conference Secretary Dr. Muhammad Nadeem Dogar presented the conference report concluding that academia and corporate sector need to work collaboratively in the areas of research and development in order to devise innovative business strategies to meet the challenges of emerging markets

and to leverage the benefits of available opportunities of the 21st century.

Finally, researchers, academics and corporate representatives applauded the services of Dr. Nadeem Dogar, Conference Secretary, Dr. Bilal Mirza, Conference Coordinator and Prof. Tahir Ashfaq, Conference Organizer.