Entrepreneurs to play major role in Asian renaissance

Noting that a culture of entrepreneurship has been central to the economic success of the US, a top Obama Administration official has said the same would play a key role in bringing about a renaissance in China, India, and the rest of the developing world.

"Indeed, a culture of entrepreneurship has been central to the economic success of the US," said Lawrence Summers, Director White House's National Economic Council. "So, too, entrepreneurship will play an important role in the renaissance of China, India, and the rest of the developing world.

What transforms villages is whether they have an entrepreneur or whether they don't. In the wake of their creative effort, entrepreneurs create jobs and spur economic activity, Summers said in his address to the Presidential Summit on Entrepreneurship.

Convened by US President Barack Obama, over 250 entrepreneurs from over 50 countries attended the two-day summit in Washington, with the objective to bridge the gap between the US and the Muslim world. Six of the successful entrepreneurs were invited from India.

Entrepreneurship, he said, drives economic growth by fostering competition and dynamism in a world economy whose shape is rapidly changing.

Summers said three centuries from now, the relationship between the West and the Islamic world and "how that story plays out" will be an issue of profound importance. "But I would suggest to you that the greatest likelihood is that what will be remembered is the rise of emerging markets in Asia and beyond, at unprecedented rates," Summers said.

Image: Lawrence Summers