July 20, Colombo (LNW): President Ranil Wickremesinghe emphasized that efforts are underway to position Sri Lanka as the regional hub for human capital development.
He stressed the need to re-evaluate the National Vocational Qualification (NVQ) to align with internationally accepted standards, such as those in Australia.
President Ranil Wickremesinghe made these remarks while addressing the Sri Lanka Human Capital Summit 2024 held) at Temple Trees under the theme of “Unlocking Sri Lanka’s Economic Potential by Building a Future-Ready Workforce,” focussing on nurturing, harnessing, and amplifying human capital
The Sri Lanka Human Capital Summit was inaugurated in 2016 based on a concept introduced by President Ranil Wickremesinghe during his tenure as Prime Minister.
The President aimed to establish a platform that would bring all stakeholders together to address the skills challenges facing Sri Lanka.
This initiative aims to go beyond mere economic growth and transform Sri Lanka from a lower-middle-income economy to a developed nation.
The transformation relies on the ability to cultivate talent, foster innovation, and empower every citizen. While there are multiple industries to consider, the summit prioritizes the pillars for their significant impact and strategic potential on Sri Lanka’s economy: Public Sector Capacity, Information Technology, Tourism, Financial Services and Start-ups
He expressed his intent to seek assistance from Australia to strengthen and modernize Sri Lanka’s education system.
He stressed the importance of collective efforts among BIMSTEC countries and seeking support from international partners to build a robust education system. President Wickremesinghe underscored the necessity of systemic changes, advocating for reforms and the strengthening of education and training systems.
President Wickremesinghe also underscored the importance of integrating power and land connectivity in a strategic move to enhance Sri Lanka’s economic growth.
Speaking on the subject, the President stated that while power connectivity is vital, land connectivity stands as the most crucial sector for development.
He highlighted how the Tamil Nadu economy, which competes with Maharashtra and Gujarat, along with Andhra Pradesh and Telangana, could significantly benefit from accessing Sri Lanka’s ports in Trincomalee and Colombo. This integration, according to the President, would benefit both countries.
President Wickremesinghe stressed the need for expansion in various identified areas, advocating for a friendly approach to both foreign and local investments and called for a focus on human capital formation, pointing out that financial capital is essential for developing human capital.
He highlighted the necessity of prioritizing the vocational and technical sectors, given that many who left the country were vocationally and technically qualified.
