Sri Lankan government permits international universities to attract foreign and non-resident students
Sri Lanka’s Cabinet of Ministers has reportedly approved a proposal to establish a Board of Investment (BOI) approved the setting up of international universities to attract foreign and non-resident students to the country.
Sri Lanka’s Co-Cabinet Spokesperson, Higher Education Minister Bandula Gunawardena has told the local media that the objective of the so called “free trade zone” as stated by the Minister, is to make Sri Lanka an international education hub and home to branches of world-renowned universities.
According to Gunawardena, institutes of higher education, depending on their global ranking, will be welcome to set up shop in Sri Lanka, and will enjoy tax concessions and state-funded infrastructure facilities.
The Minister has explained that the plan was mooted after analysing the Putrajaya Educational City in Malaysia spearheaded by Malaysian Prime Minister Mahathir Bin Mohamad as a means of bringing foreign exchange to Malaysia.
About 21,000 students leave the country for higher education resulting in a loss of Rs 50 billion in foreign exchange annually, the Minister has said, adding that a continuance of this trend will cause the rupee to depreciate resulting in a higher cost of living.
OSL take:
Sri Lanka’s decision to open up space for the setting up of foreign universities will create many business/investment opportunities in the country’s higher education sector. They would also attract foreign students since students from The Maldives and other parts of the region already receive most of their higher education in Sri Lanka. Foreign universities could therefore explore business opportunities in Sri Lanka’s higher education sector.
| Article Code : | VBS/AT/20200128/Z_5 |