Mr Cutter, a former deputy assistant to the US National Economic Policy Council, said despite a strong foundation Asia had a long way to go before assuming the leadership in technology innovation. According to Mr Cutter, in critical parameters like financial market, product market and entrepreneurship Asia scored an average between 4 and 5 out of 10. Mr Cutter based his observations on measuring patents, share of venture capital spending, share of technology firm market capitalisation, market share of new technology and share of leading universities and think tanks. Cutter's recipe for innovational leadership included competitive, transparent and deep financial markets, open and competitive product markets, market support civil society, public sector investment and entrepreneurship supporting institutions.

Speaking on the occasion, Infosys Chairman NR Narayana Murthy said Asia had shown innovative spirit in many areas. Japan had been the leader in miniaturisation of electronics and optics while Singapore a model in creating an electronic island. Taiwan and South Korea had become leaders in memory technologies while India's software industry with its 24-hour productive day shaped a global delivery model. But Mr Murthy sought the attention of the Asian region to find a way to meet the scarcity of qualified and trained people in the new technology area. "We must find a way to make teaching an attractive profession as the number of students registering for their PhDs has shown an alarming drop in the last few years,'' he said. If this trend persisted, most of the academic institutions would become bereft of qualified and good teachers, an essential ingredient for the sustainable growth of a knowledge-based society, he warned. UB group chairman Vijay Mallya, China Link Network Technology vice president Gao Hongbingand Singapore Economic Development Board managing director Ko Kheng Hwa also spoke on the occasion.