"Innovation comes from countries that have the most educated workforce," Jim Goodnight, chief executive of US-based business intelligence software services firm SAS, told delegates on the final day of the two-day forum.

"I've often said that we're no longer in a Cold War that we once were, where we were in an arms race. Today's race is a race for minds and whichever country, whichever region can create the greatest set of minds are the ones that will eventually dominate the world."

While some Asian countries are stamping their mark on the global stage, only two from the region -- Singapore and Japan -- were in the top 10 of the WEF's latest international survey on competitiveness, WEF officials have noted.

Speakers at the forum, attended by about 300 delegates from 26 countries, said governments will play an important role in nurturing creativity among their people.

Liu Jiren, chairman and chief executive of Chinese technology firm Neusoft, said China's challenge is cultivating a culture of innovation among its huge pool of talent that sees six million students graduating every year.

While the government has rolled out several projects to support research and development, there was still a lack of direction, and planning remained based on outdated policies, he said.

"Innovation is not only an issue of technology, it is also an issue of mindset, and also we need to find new models," Liu said.

Countries like China and India need to "shorten the period" of innovation if they are to catch up with the United States and those in Europe, he added.

China also needs to free itself from some attitudes shaped by its historical past, Liu said, citing advice he got from his father not to do business with the Japanese, whose country invaded China during World War II.

He has not followed the advice. His company is now doing business with the Japanese.

Lamon Rutten, joint managing director of the Multi Commodity Exchange of India, said despite bureaucratic obstacles in the country, his company has come up with an innovative way to offer its commodity products to the masses, many of whom live in villages with no electricity.

The company operates computers powered by car batteries. The computers are linked to the exchange through small satellite receivers, allowing the firm to count on mid-sized traders and cooperatives as among its customers, Rutten said.

He said it is difficult to innovate in the face of existing government policies and bureaucratic processes, "but there is a lot you can do."

"Asia is very well placed for disruptive innovation and that will give Asia a global competitiveness. Many in Asia live on less than two dollars a day, and to reach those people, you have to be very innovative," he said.

Lim Siong Guan, chairman of Singapore's Economic Development Board, said a key to the tiny city-state's success is its ability to innovate.

With the cost of labour and land more expensive compared with its neighbours, the natural resources-starved nation had to think of ways to always be ahead of the competition, he told the forum.

Lim said competition was a "reality of life, so we have to watch out as to what things are happening and what advantage to take."

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