Improving productivity by way of increasing physical capital, human capital, natural capital and technology are key components for economic development.
Therefore, getting necessary and sufficient investment in those areas by local and foreign investors are crucial said N. S. Cooray, Professor of economics and associate dean, International University of Japan.
For Sri Lanka to move to the next level (modern nation state) it needs to have better state-of-the-art technology and sciences from the west. However Sri Lanka should also maintain its culture and identity as an Asian nation.”
“Creating a stable government with proper rule of law, better governance with very well thought-out stable economic policy package will attract more investors.”
“Material well-being of Sri Lankans depends on the ability to produce more. This ability depends on the productivity and resource availability.”
He said that there are many things we Sri Lankans can learn from Japan.
“Sri Lankans very often make policies without looking at full cost and benefits in the long-run, which include, economic, social and environmental. Making decision without consultation with all the stake holders, opposition parties and civil society groups is a must which is not being done. This will result in policy backsliding when opposition comes to power. It is also important to inform policy decisions in advance providing time for firms and consumers to plan their future action.”
“The decision made hastily is not accepted by the society. Banning polythene recently is a concrete example, even though it is good decision in correct direction. Too much politicizing of economic decision is also nonconductive for the country. Of course we should understand that politician donate short run e decision making while economists dominate in the long-run.”
Commenting on the International University of Japan (IUJ) he said that it is Japan’s oldest English-based graduate school which was founded in 1982, with 100% of its regular courses offered in English.
“This is with the goal of preparing leaders who can contribute to the practical resolution of global problems facing the world. Almost all of the faculty members earned their doctoral degrees (Ph.D.) at the best-known schools in the US and Europe.”
This university is truly international and unique with about 90% of foreign students who are coming from all over the world.
There are about 70 Sri Lankan students have graduated from IUJ, many of them are government servants.
Many of them have received scholarships from the Japanese Grant Aid for Human Resource Development Scholarship (JDS) programme.
The main objective of the programme is to support human resource development of the Japanese grant aid recipient countries.
In 2016 Memorandum of Understanding (MOU) was signed by the University Grants Commission and International University of Japan. Under this MOU there are co-sponsoring Scholarships for academics and administrative staff of the universities to complete their postgraduate studies at IUJ.
Five faculty members from the University of Colombo, Open University and University of Rajarata visited IUJ last September to pursue doctoral and master level degrees.
“There are two Sri Lankan professors at IUJ, only university in Japan to have two Sri Lankan professors. IUJ has many links with Sri Lankan universities and we look forward to closely working with Sri Lankan academics and academic institutions.”
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