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Planning Commission of Pakistan (2011)

Innovation Framework for the New Growth Strategy

DIASPORA
as Engine of New growth
Muhammad Shafqat

The role of Diaspora has taken strategic focus in inuencing, transforming and building their home countrys resource base and institutional framework. They have lately served as funnel in transferring capital, knowledge and technology from West to their native soil. Dynamics in the post-2000 world have altered the once one-sided Brian Drain into a swapped Brain Circulation from West to East. Governments across the world have actively taken steps to capitalize the prevalent reverse osmosis by replicating others proven models and coming up with their own to exploit the wealth, talent and desire of the straddled and returning expatriate to home countries. The New Growth Strategy has also taken stock of this superb resource that like the rest of Pakistans strengths has been blatantly ignored. The strategy in its attempt to form innovative economy tends to bring in Diaspora-Initiative that engages expats into institutional reforms, investments, synergy formations and knowledge dissemination, in order to give them the ownership, stake and pride in their motherland.

Diaspora as Engine of New Growth would be an explicit initiative taken by the State that aims at developing the missing link between Pakistani expats and the New Growth Strategys initiative of reframing Pakistans economy on to the Innovative and Entrepreneurial course. It proposes an underlying structure that engages Diaspora into institutional reforms, to invest, form synergies and alliances, and perform knowledge dissemination and advisory functions. The strategy would thus build an overarching framework for forging level of coherence to Governments other Diaspora policies, so that
UK 23% Netherlands 1% Germany Spain Bahrain 1% 1% 1% Norway Germany 1% Qatar 1% 1% France Greece 1% 2% Oman 2% Italy 2% Kuwait 2% Canada 6%

KSA 21%

cohesiveness in objectives and the means to attain them could be achieved. Pakistan has 4.6 Million strong Diaspora community (Figure 1) mostly residing in EU (UK, Greece, Italy, France, Germany, Norway), US, Canada and Middle East (KSA, UAE, Kuwait, Oman, Qatar) with yearly contributions topping $9.4 billion 1 (almost all of it through remittances) Though such a ow has proved crucial in cushioning the countrys exchange rate and alleviating poverty at individual family level but the country is far from harnessing true potential of this group on the lines of neighboring India, China, or even Vietnam. Thus a well crafted and discrete initiative directed at successful Pakistanis abroad to abreast them of opportunities in the 6th most populous country, its unsaturated market, cheap labor, growing middle class, expanding urbanization and heightening consumerism, should be the new focus of any Diaspora strategy especially in circumstances when traditional sources of FDI are drying. Ours Remittance driven model The dimension of Pakistani Diasporas relationship back to their home is based on strong person-to-person ties, which is evident from the size of its remittances (Pakistan ranks among the 10 largest

emigrant-remittance attracting nations in world)2. Taiwan has pursued a Brain Trust model, focused on attracting human capital from the Diaspora. China has had perhaps the longest-term strategy for attracting direct investment and opening trade opportunities through overseas Chinese communities. Indias recently launched Diaspora policy is multi-pronged, pursuing direct investment, portfolio investment, technology transfer, market opening and out-sourcing opportunities. Newland K.(2004) Such ow of money into the hands of near family members has made signicant impact in elevating their living standards but the effect of this strategy is short-term and too conned. As noted by Qaiyum and Savage (2006) nearly 75% of Pakistani household use remittances for day to day expenditures and for other short term purposes while only 25% channels it into housing construction (7%) and investment in real estate (18%). Thus roughly $8.8 billion each year is spent on things having no long-term tangible economic benet

USA 13%

UAE 23%

Figure 1: Distribution of Pakistani Diaspora in different countries

The Migration and Remittances Fact book 2011, World Bank Ibid

The Author is Policy Consultant at the Planning Commission of Pakistan and has devised the Innovation Framework of Pakistans New Growth Strategy NGS (10th five year Mid-Term Growth Plan).
This Chapter is part of the broader Innovation Theme of NGS

Innovation Framework for the New Growth Strategy

The indus Entrepreneurs TiE, considered to be the worlds largest professional and networking forum in the world having its roots in the Greater Sub-Continent. It has 56 chapters in 13 countries with Islamabad, karachi and Lahore as important South Asian sessions hub. Here its focus on youth entrepreneurship, entrepreneurial mentorship, idea sponsorships, TiE Institutes formal learning workshops, boot camps, allday seminars blends local entrepreneurial knowledge with the expertise and unlimited but highly competitive venture capital of the peers direct from Silicon Valley. Nearly every VC fund in the valley is afliated with TiE, thus where ever it goes, the forum provides local innovators with an opportunity to prove their idea and earn instant nancial, technical and logistical support. MIT Enterprise Forum of Pakistan MITEFP with Organization of Pakistani Entrepreneurs OPEN and the MIT Alumni of Pakistan together works for the development of Entrepreneurial Ecosystem in Pakistan (EEP). This chapter thus ensures the availability of large pool of entrepreneurs building mindsets through mentoring, idea competitions, interactions and investors angel and venture capital and linking them in an enabling environment. OPEN a non-prot organization formed by a talented group Pakistani entrepreneurs at MIT (1998) in collaboration with the MIT Entrepreneurship Center is actively playing role in network buildup, mentoring Pakistan based entrepreneurs, conducting seminars and workshops for capacity building, organizing Business Acceleration Plan competitions and collaborating in high-tech, energy and life sciences ventures. OPEN has expanded reach by establishing chapters in Boston, New York, Washington D.C., Houston, Silicon Valley and Dubai There are various inspirational role models serial Pakistani entrepreneurs from the Silicon Valley who either have taken steps in re-locating to Pakistan or have been aspiring to do so while assisting local entrepreneurs in start-ups and pilot innovation projects are Faraz Hoodbhoy (PixSense), Umair Khan (Clickmaeks), Zia Chisti (Technicla Resource Group), Sana Khan (TrueMRI), Monis Rehman (Naseeb, e-Planet, DFJ ventures), Asad (investor:Baidu): The Author and Sabir, Aidrus, Bird (2010)

either to the economy or society. Apart from that though in current nancial crisis worldwide ow of remittances showed resilience as compared to private capital ows such as FDI, private debt and portfolio equity that encountered a drastic dip3 but in case of Pakistan whose nearly half of Diaspora resides in GCC, any economic or political instability in that region could serve a severe blow to its viable supply of foreign exchange. As the case of market meltdown in Dubai which dented its construction boom, forcing thousands of unskilled workers to ee the Emirate, 2010. Likewise recent political and social turmoil in Bahrain (home to 45,000 Pakistani expats) and Libya (30,000) is already taking a tool by making returningexpatriates to pack their jobs and savings, and make their gateways. Such exits cuts the ow indenitely from those sources until nding jobs elsewhere. Thus a sudden surge in remittance ows (occurring since 2008 in Pakistan) needs a cautious scrutiny as it might be a boom preceding a bust due to large exodus of once Diaspora. Apart from such detrimental effects a country in order to sustain remittance growth rate needs a constant effort in the deployment of its migrant workers abroad (Bangladeshs remittance growth leveled in 2008 due to similar factor)4 which is getting harder as Guest countries are getting restrictive and more skill-demanding in allowing foreigners. Another reason behind Pakistans remittance spike is its drastic

dwindling of exchange rate. Devalued Rupee naturally makes it an attractive destination due to more buying power of any foreign currency and has got nothing to do with more earnings or sudden compassionate feelings on part of expats! Conclusively, the remittanceonly strategy that Pakistan follows is an intangible, short term and risky policy that needs an extensive overhauling and change. Innovative channels to Remit However before any change should take place, Pakistan also needs to nd better and more productive ways of channeling remittances, the one that could utilize it in short bursts to generate value out of them. Here we can learn from Mexico (with the worlds third largest remittance ows)5 who devised an innovative answer through Padrinos. This program provides Mexican Diaspora in the United States with an option of channeling their remittances through a development-led conduit i.e a period of 3 to 6 month lag before it could be freed. There are hundreds of public projects (schools, roads, hospitals, public transports or more advanced funding programs like business incubators, university grants, student scholarships, capacity building trainings) categorized according to cost, location, duration, social and economic impact. The whole variety of projects are presented to expatriates to choose from if they are willing to channel their money through this medium and the people usually select those which are located

within or close to native-localities, thus directly contributing into the uplift of their cities of origin. Best part is not just the broader selection-option or the whole program exibility, but expats ability to closely look into the project functioning (by becoming an over-seer thus the accountability insurer). Such a role not only triggered interest in self-managing those programs but it also allayed fears of corruption. Successful implementation and satisfaction on part of such short-term remittance-investors sparked off further re-investments in more projects (in atleast one-third cases). Pakistan also needs to set such successful and transparent precedents, some milestones that could work as benchmarks to entice its own expat community. It could start from a selected few and impactful joint projects between dynamic and forward-looking stakeholders in home country, and with some exceptional Diaspora individuals abroad. These groups should forge and execute a joint plan against all domestic constraints and if the project succeeds in face of all the pertinent institutional dysfunctions the rest of Diaspora s aptitude would have both the inspiration and context to follow the lead. Investment driven model In contrast to the short-term remittance model China followed the long-term business engagement approach when it came to courting its Diaspora with investment being the principal driver of growth. After the opening up of

Source: World Development Indicators (September 2010), Global Economic Monitor Source: Bangladesh Bank and Bangladesh Bureau of Manpower, Employment and Training 2010 The Migration and Remittances Fact book 2011, World Bank

Innovation Framework for the New Growth Strategy


When the Taiwanese government decided to promote venture capital (VC) industry in the beginning of the 80s, it had neither the capabilities, nor a blueprint to do that. Many were opposed to the idea because the concept of venture capital was foreign to traditional Taiwanese practice, in which family members closely controlled all of a business nancial affairs. Entrenched interests in maintaining the status quo were strong. Through a process of intense interactions with the Taiwanese Diaspora in Silicon Valley, new institutions such as Seed Fund (with initial allocation of NT$800 million, later complemented by an additional 1.6 billion) provided matching capital contributions to private venture capital (VC) funds. Two American-style venture funds: H&Q Asia Pacic and Walden International Investment Group were also created in the mid-80s. They were managed by US-educated overseas Chinese who received invitations to relocate to Taiwan. Once the rst venture funds proved successful, domestic IT rms created their own VC funds. Once those started to pay-off, even the conservative family groups started to invest in VC funds and IT businesses. Kuznetsov Y. 2008 (World Bank Institute)

economy the country provided its 35 Million Diaspora with attractive investment options especially to those residing in Taiwan. Such packages inculcated investment priorities in selected sectors which were deemed crucial to economic development along with varied concessions in tax and set up fees, simplied processes and regulatory requirements. But the most distinctive factor in the success of this program was the role of local ofcials, who were highly instrumental in emphasizing and forming linkages of emigrant families to their ancestral cities. These ofcials drafted their own development plans partnering with native-expat thus making them own those projects 6. Such sense of engagement and ownership was pivotal in making Chinas Diaspora contributor to the tone of half of countrys aggregate FDI (2002)7 . Preferential policies at the central Government level towards its Diaspora drastically re-aligned their focus from just remittances (that also happens to be highest in region, $55 billion in 2010e) 8 to proper engagement in trade and business investments. Such a strategy does not have the conspicuous short term poverty reduction benets but it has a longer term, multiplier effect through continued job creation and the generation of subsequent economic activity. Multi-Pronged Model The nancial investment model (employed by India and Israel) on the other hand utilizes market based innovations (portfolio, direct investment, bonds, corporate shares) to raise development nance. Recent nancial innovations at stabilizing nancial ows to

Figure 3A & B. Pakistan has three-fourth of its its Diaspora stationed in Asia in which 44% only resides in Middle East. This class of expat is mostly unskilled (laborers, drivers, ofce workers) and though they account for 73% of the total Diaspora pie, yet generate only 45% of total remittances. On the other hand Pakistanis residing in EU (17%) are educated now and belong to services class or operate their small businesses (remit 32%). Whereas those in North America (9%) are the most educated, highly professional, afuent and thus entrepreneurial (remit 22%). Unlike their Middle Eastern peers they keep majority of their earnings with them, hence possess the most investment potential
North America Others 9% 1%

EU 17%

the developing countries has invented yet another specialized instrument called Diaspora bonds (issued by DCI9 and SBI10), commonly known as Resurgent India Bonds 11, India Millennium Deposits 12 that uses patriotism and market competitiveness as the main drivers (These vehicles have relatively higher rate of returns, boasts exible swap window, variable maturity period and wealth tax exemption). Such instruments provided India with muchneeded cash to re-coup its lost growth in 1998-2000 (due to International sanctions after the Nuclear tests). Another great initiative taken by the Indian Government during testing times was the formation of Investment Information Center (IIC) that streamlined ever y possible business set-up processes and relevant information dissemination, through a single-window. Our Strategy We have already discussed how to actualize little productivity out of remittances, but more then that the whole remittance debate is gment of past economies. Today we should stop talking about how to generate new remit streams as this whole paradigm is fraught with only-short term economic benets (investments made on individual level are too small to register an impact on the larger National development horizon), apart from the precariousness its blue collar origin suffers in testing times. The priority should be to re-align our focus from Remittances to Direct and Portfolio investments in order to keel economy onto innovation and entrepreneurial path and for that purpose the country needs to target high-skilled sect of its Diaspora.

Asia 73% Others 1% North America 22%

Asia 45%

EU 32%

Figure 3A (Above): Distribution of Pakistani Diaspora in continents Figure 3B (Below): Remittance generation from each continent Source: Migration Policy Institute Data Hub (2010)

Ostergaard-Nielson, op.cit., p.9. Graeme Hugo, Migration and development: A perspective from Asia, No. 14, IOM Migration Research Series, Nov 2003 The Migration and Remittances Fact book 2011, World Bank Development Corporation for Israel State Bank of India Somini Sengupta, India taps Its Diaspora, New York Times, 19 Aug 1998

10

11

12

Sudha Mahalingham, Counting on Bonds, Frontline, Vol. 15, No. 20, 9Oct 1998; Krishna Guha, India Expatriates bolster reserves: Resurgent bond issue raises $4.2 billion, Financial Times, 26 Aug 1998

Innovation Framework for the New Growth Strategy


The Investment Information Center (IIC); In India it a free single window and all necessary services to its Expats in setting up their investments, including explaining government policies and procedures, available incentives, necessary data for project selection and assists in obtaining government approval. It also provides information services to all potential investors on the state of various industries. see http://www.iic.nic.on/iic1_a.htm Padrinos: Mexico, this program is geared towards Mexican-American businesspeople who are encouraged to invest in one or more of 1000 projects identied by the Presidential ofce in consultation with local communities. The investors are encouraged to become personally involved to ward off transparency concerns. Alfredo Corchado and Ricardo Sandoval, Mexico aims for expatriates heartstrings and pursestrings, Dallas Morning New, 20 March 2002 Tres por Uno: Mexico, A state level program in which municipal, state and federal governments each match collective remittances from migrant associations in the US dollar for dollar Lebanese Business Network: Lebanon, is a non-prot business development vehicle with an online market place and business matching database. Its goal is to create links between Lebanese entrepreneurs and international businesses, by identifying business opportunities and potential areas of partnership. LBN, see linbusiness.com/LBN/LB_LearnMore.asp The Silicon Valley Indian Professional Association (SIPA): US-India, Its mission is to provide a forum for individuals interested in meeting with visiting Indian businessmen and women and to facilitate information dissemination and networking within the professional community. Maggie Shiels, Aisan Exodus from Silicon Valley?BBC News.com, 17 April 2001 The Armenia High Tech Council of America (ArmenTech): Armenia-US, has a highly interactive website that is aimed at boosting Armenias high tech sector through increased exposure to international companies. It provides a networking center, e-learning, in-line trainings, virtual skills development. Silicon Armenia opens electronic highway between Armenias technology sector and the world, Amntech.org Ghana Expo: Ghana-UK, exhibition fairs in global commercial hubs, promoted as an opportunity for Africans in the Diaspora to connect with businesses, goods and services in Africa Home Town Associations: Mexico, The nearly 400 Mexican Home Town Associations in the United States serve dual purpose of providing social support to the migrants and economic support to their places of origin including charitable contributions, infrastructural improvements, funding for human development projects, and capital investment in income generating activities. Orozco M, 2001

Unskilled workforce as in the Middle East is best for generating remittences, obliged due to family-residing factor. Whereas foreign-settled, highly educated and afuent Pakistanis are the one that in other countries cases had been enticed to bring back their wealth (as investment), expertise (technology and knowledge transfer) and foreign network (liaison and outsourcing window) back to their home. Such straddled and return-expats subsequently become the engine of growth as in India (IT boom capitalizing on the wealth of home grown tech specialists), China (manufacturing expansion banking on indenite supply of cheap labor), Chile (production houses assembled on its untapped natural resources), Taiwan (hi-tech pivot, leveeing its high-end human resource), Israel (start-up cluster embanked on its unique venture-culture), Mexico (manufacturing outsource destination, leveraging NAFTA). Why expats over locals? The targeted rst-generation Pakistani expats are more likely to ourish as entrepreneurs and change agents compared to second generation or total foreigners because these people other then still holding allegiance and eccentricity towards their home country also carry a strong social network back. They possess basic knowledge of the culture, environment and prevalent business practices that when combined with advanced education, exposure to modern managerial techniques and foreign entrepreneurial experience, makes up a compelling mix for setting up and carrying out new venture on long hauls.

Secondly; as explained by Kuznetsov (2008) these overachiever expats are similar to venture capitalists as they tend to embark on new ventures in their home countries in spite of poor investment climate (Taiwan 1980s), inefcient government functionaries (India 1990s), lack of institutional framework (Chile 2000) and security environment (Israel post-1995). Also, this class of investors having rst-mover advantage in their home country due to lack of enthusiasm on part of foreign investors tends to initiate projects having organizational and technological innovations that in some instances trigger institutional transformations (like expats recognized role as Archimedean lever13 in ushering new institutions in Taiwan, Chile, Mexico and Romania). This sect of foreign-based locals could be trusted in setting off such transformations because the local elites expertise is thought to be more of entrenched, and though the Diaspora remain somehow engaged in local circumstances but their expertise in contrast never gets entrenched. They are accustomed to local circumstances, hold credibility and own trust of local actors, yet seldom become part of the established and vested interests. Its a rare combination of credibility, motivation and expertise that provides a wake-up call for change National Investment Council (NIC) To channel this great resource we need a highly active commission that courts new investors, project potential business and investment options, disseminates all the relevant information and assists in moving investors through procedural steps.Though a prerogative of Pakistans commercial counselors but

they having not been able to lure wealthy Pakistani businessmen into making any noticeable investments per se leads to the re-thinking of whole mechanism, into one that is efcient, effective and self-sustaining. NIC is such a proposed body in which Government takes an assisting role only. It should rather be a private-led council (headed by afuent and inuential Diaspora Pakistanis themselves), having an aim of casting the enterprise image of the country broad. Pakistans Consulates serve to communicate all possible information and extending assistance to these expat ambassadors who would act as liaison, the front agents in operating one-window facilitating channel, while having the authority and means to elucidate Government policies, areas of business relevance and the incentives within. These privileged volunteer Pakistani intermediaries be given the status of National Investment Counselors having special access, working from, coordinating with respective Pakistani Consulates and assisted by the relevant authorities (Ministry of Overseas Pakistanis, Pakistan Business Council, Pakistan Chamber of Commerce and Industries, Export Promotion Bureau, Small and Medium Enterprise Development Authority and the Planning Commission of Pakistan). These Counselors should be brought together on regular basis to abreast them of the policies, their objectives, and to obtain their feedback, but more so for forming an integrated global network (in order to build and harness Pakistans market strength, human capital and resource advantage). They should also have levers in assisting potential Pakistani and foreign investors within their community

13

Kuznetsov,Yevgeny Diaspora Networks and the International Migration of Skills. How Countries Can Draw on Their Talent Abroad World Bank, Washington, DC. 2006

Innovation Framework for the New Growth Strategy


Chiles institutional framework is far from perfect, yet it does have a segment which performs well enough to take calculated risks in developing new programs and approaches, to be accountable for such calculated risk-taking and to assure continuity of performance with the change of administrations. Newland K. (2004)

and networks to interact with the relevant authorities back in Pakistan for initiating the project till its completion through a single, convenient and express channel. Likewise special town-hall meetings could be arranged with the participation of key Pakistani businessmen to regularly give holistic picture of the state of various Pakistani industries along with an account of those pressing for investment (independently veried business plans, market growth potential, rate of return on potential investment and relevant statistical reports should be distributed among potential Diaspora investors). Likewise local authorities and provincial governments in Pakistan (as in China, Mexico, Caribbean, Italy, Poland, Ireland) be given independence and space to take their own discrete steps in the designing and tossing of their local strengths (Sialkot, Multan, Faisalabad, Gujranwala could market their respective strengths in sports & surgical, fruit, textile, furniture to foreign markets through Ghana-style expos and SBIstyle investment roadshows). Whereas other constituencies could use the path of persuading their sizable expat populations by using the native city connections (for instance Manshera, DG Khan, Gujrat, Faisalabad have signicant Diaspora communities in UK, UAE, Canada, Norway respectively) Chambers of Commerce of such localities could use such connections as a powerful vehicle to market local projects, investment opportunities, appeals for philanthropy or a request for technical, material, logistical support for the export promotion of their products and services, National Rejuvenation Program This program hits the highest tier of Diaspora, having specialized knowledge and expertise and are able to transfer their skills to enhance the technology base of their home country (known as the Brain Trust policy adopted by Taiwan). Services of National Investment Counselors or similar groups with extensive networks globally and having sophisticated-industries experience either by owning or working at one could be leveraged in devising a hi-value expat database. A similar public-private organization in Pakistan should build a parallel portal that collects similar high value positions in local public and private enterprises where permanent or shorttimed stay of these people could be put into service. This endeavor takes an extremely important role when Pakistans

research centers, think tanks, academic institutions, new ventures, technology and software houses begin to capitalize the experience and know-how of these resourceful Pakistanis. A systematic and recurring process of matching, scheduling and inviting this talented pool as guest researchers, strategists, lecturers, entrepreneurs and technical experts to guide, advise and lead private businesses and public enterprises with much-needed fresh perspective. Greatest potential in this program exists in rejuvenating public sector in a way that Pakistani experts already working in relevant ofces abroad should be preferred and brought in as consultants in large public programs. One striking example within the Government is how the Planning Commission of Pakistan conceived the countrys New Growth Strategy (Mid term plan). An innovative framework that is viewed by many to have all the strands of re-inventing Pakistans economy, is created and ne tuned by a team of highly respected all-Pakistani team of consultants occupying commendable positions in the World Bank and IMF Likewise a parallel reverse-network needs to be built with the help of these Counselors and through an extensive online National portal to market Pakistani talent abroad in which capable professionals and services within the country are promoted as potential outsource. Overseas Pakistani professionals and business communities could then be courted to advance and avail certied Pakistani companies as their potential service providers, suppliers, business partners. Such a partnership would not only give local companies an International exposure but over the time would help develop their global network and thus the outsourcing potential of country. Institutional reforms Before getting into the above mentioned programs, a search network (comprising key public and private representatives along with a group of preeminent expats) needs to be created rst to not only look into all-possible bottle necks for setting such initiatives, but also in strengthening the regulatory framework, cutting and hastening procedural steps and the broadening of incentives. Following the Chilean, Mexican and Taiwanese example in which the Diaspora (like any International

Financial Corporation or IMF) promises to bring in investment, knowledge and the afliated network provided their recommendations for reforms be institutionalized. The practice of building institutional infrastructure as stick, their performance as yard-stick, followed by investment the carrot by Diaspora groups has worked extremely well in reinventing their home countrys business biosphere. By institutional reforms does not mean rectifying the Government and all its functionaries, it refers to improvements in key agencies having direct impact in bringing in investment, setting-up and running new ventures and the competitive environment Actions Majority of the now-successful Asian miracles kick-started their economic revolutions with an active participation of their skilled Diaspora who voluntarily took the charge of igniting that change. These countries initiated their attempts to lure expats when their home conditions were barely conducive for Silicon Valley-style business successes. And yet they triumphed because the Governments themselves were willing to accommodate and capitalize their resource-rich Diaspora at whatever reforms cost. Pakistan today if takes even third of the proposed initiatives, can spark off a morphing process that will produce its own niche in not too distant future 1.Government should locate afuent, inuential and successful Pakistanis abroad especially in high net-worth foreign commercial hubs and approach them on personal level either by sending special missions led by prominent local business leaders or by actively engaging its Consulates, with the aim of presenting holistic picture of the new initiative, its course of action and objectives. 2. Creating a powerful network out of these hundreds of overachiever Pakistanis based on their academic, business, political, social achievements for their role in orchestrating, owning and promoting Pakistans innovation, entrepreneurial strengths along with strengthening the institutional system. Categorizing these people into potential long and medium term investors, and with the help of well-crafted programs these individuals be presented with plans for moving their wealth and expertise through their own business plans or by forming synergies partnerships with dynamic and vibrant

Innovation Framework for the New Growth Strategy business individuals and sectors in Pakistan. First-mover advantage in a developing country like Pakistan needs to be leveraged should be the main marketing pitch. 3. Assimilate among them a global team of expats with diverse experiences to become part of National Mentoring Program. Formulate rotating visits, schedules and placements to organizations in Pakistan for consultative sessions in capacity building, plan and policy formulations, network building or thorough organizational re-engineering. 4. Integrating Pakistans Diaspora network across US, EU and East Asian for synergism and comparing them through benchmarking framework on the basis of activism, brain circulation, support and investment-at-home, is essential to coalesce a common platform, assimilate combined stratagem and formulate collaborative reforms thrust on the Pakistani government. 6. Let the thousand owers bloom: Learning from the Irish example, that apart from embarking on some specically directed Diaspora schemes, devised a mechanism to let a thousand owers bloom. Such that the Government should support existing organizational linkages and encourage new social networks to be built by local private and Diaspora communities for the Diaspora. The idea of parallel network growth that is organic along with Governments own initiative is to forge the idea of an integrated society that is able to synergies with or without Governmental help. Also, naturally the organic groups which are built around mutual designs and aspirations are more likely to succeed as in this particular case they enjoy more trust then the sponsored ones. References
Abid Qaiyum and Kevin Savage, Remittances in crisis; A case study from Pakistan. Humanitarian Policy Group, Overseas Development Institute, November, 2006 Alfredo Corchado and Ricardo Sandoval, Mexico aims for expatriates heartstrings and pursestrings, Dallas Morning News, 20 Mar 2002. Delphine Ancien, Mark Boyle and Rob Kitchin. The Scottish Diaspora and Diaspora strategy: Insights and Lessons from Ireland, Europe and External Affairs. National University of Ireland Graeme Hugo, Migration and development: A perspective from Asia, No. 14, IOM Migration Research Series, Nov 200 Sameer Sabir, Tania Aidrus, Sarah Bird, Pakistan: A Story of Technology, Entrepreneurs and Global Networks MIT Sloan Management, 2010 Somini Sengupta, India taps Its Diaspora, New York Times, 19 Aug 1998 Sudha Mahalingham, Counting on Bonds, Frontline, Vol. 15, No. 20, 9Oct 1998; Krishna Guha, India Expatriates bolster reserves: Resurgent bond issue raises $4.2 billion, Financial Times, 26 Aug 1998 Kuznetsov, Yevgeny and Sabel C, Global Mobility of Talent from a Perspective of New I n d u s t r i a l Policy: Open Migration Chains and Diaspora Networks, quoted in Solimano, Andres, 2008 Kuznetsov,Yevgeny Diaspora Networks and the International Migration of Skills. How Countries Can Draw on Their Talent Abroad World Bank, Washington, DC. 2006 Kuznetsov, Yevgeny, Mobilizing Intellectual Capital of Diasporas: From First Movers to V i r t u o u s Cycle, Journal of Intellectual Capital, Special Issue 2008 Manuel Orozco, Globalization and Migration: The Impact of Family Remittances in Latin America, 19 March 2001 Newlland Kathleen and Erin Patrick Beyond Remittances: The Role of Diaspora in Poverty Reduction in their Countries of Origin, Migration Policy Institute for the Department of International Development, July 2004 Sanket Mohapatra, Dilip Ratha and Ani Silwal, Migration and Development brief, Outlook for remittance ows 2011-12, Migration and Development Unit, World Bank, 2011 Sara Akhtar, Venture Capital Industry in Pakistan Competitiveness Support Funds Report. 2007 Sudha Mahalingam, Counting on Bonds, Frontline, Vol. 15, No. 20, 9 Oct 1998; Krishna Guha, India Expatriates Bolster Reserves: Resurgent bond issue raises $4.2 bn, Financial Times, 26 Aug 1998. Yu-Ling Luo, and Wei-Jen Wang. High-skill migration and Chinese Taipeis industrial development, in OECD, International Mobility of the Highly Skilled (Paris: OECD, 2002). You-tien Hsing, Ethnic Identity and Business Solidarity: Chinese Capitalism Revisited, in Laurence J.C. Ma and Carolyn Cartier, eds., The Chinese Diaspora: Space, Place, Mobility and Identity (Oxford: Rowman and Littleeld, 2003)

Innovation Framework for the New Growth Strategy

Innovation Framework for the New Growth Strategy

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