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Friday July 12th, 2024

Sri Lanka’s Port City to have international university

ECONOMYNEXT – An international university to be established in Sri Lanka’s Port City, a multi-services special economic zone, will offer undergraduate and postgraduate degree programmes including in medicine and IT.

The university is estimated to accommodate 3,000 to 4,000 students, and will be located next to the City’s international school on a 2.5 Ha land plot, CHEC Port City Colombo Pvt Ltd said in a statement.

“Fulfilling the regional demand for undergraduate and postgraduate degree programmes in engineering, information technology, business studies/management, finance, marketing, and medicine, Port City Colombo aims to contribute positively towards the reversal of ‘brain drain’ and reduction of the current skills gap in the local employment market.”

The university, with research and development facilities, aims to position Colombo as a regional hub for tertiary education.

“The university will offer a projected academic programme in the field of medicine, which will support Port City Colombo’s vision of providing world-class learning and training facilities that would encourage prospective medical students to pursue their studies locally.

“This will also include a potential partnership with the teaching school at the proposed International Hospital in Port City Colombo.”

Many medical students migrate due to limited university placements in Sri Lanka and attractive post-graduate work permit programmes. Private medical campuses have been vehemently opposed by leftist parties in Sri Lanka.

The university will offer undergraduate and postgraduate degrees in technology, an industry that has also seen a loss of skilled professionals and limited graduates produced annually.

“The university at Port City Colombo aspires to mitigate the current supply gap in the market, with its assortment of academic programmes, and strengthen Sri Lanka’s digital economy.”

Degree programmes in the STEM field will also be a focus with the goal of making Sri Lanka more globally competitive.

Sri Lanka is currently outpaced by STEM graduates from countries such as Singapore, India, and China. (Colombo/Jun24/2024)

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Sri Lanka appoints new Attorney General

ECONOMYNEXT – Sri Lanka’s President Ranil Wickremesinghe has appointed K A Parinda Ranasinghe PC as Attorney General.

He was appointed in terms of Article 61E (b) of the Constitution of Sri Lanka, the president’s media division said.

The new AG received the appointment from President Wickremesinghe at the Presidential Secretariat on Friday.

Ranasinghe is the 49th Attorney General of Sri Lanka.

He fills the post after the retirement of former Attorney General Sanjay Rajaratnam. (Colombo/Jul12/2024)

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Sri Lanka rupee closes stronger at 301.70/302.00 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed stronger at 301.70/302.00 to the US dollar on Friday, from 302.80/303.00 to the US dollar on Thursday, dealers said, while bond yields were up.

A bond maturing on 15.12.2026 closed at 10.90/11.00 percent, up from 10.85/95 percent.

A bond maturing on 15.12.2027 closed at 11.75/80 percent, up from 11.80/88 percent.

A bond maturing on 01.05.2028 closed at 11.90/12.00 percent.

A bond maturing on 15.09.2029 closed at 12.10/30 percent, up from 12.15/25 percent. (Colombo/Jul12/2024)

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Sri Lanka stocks close up, muted activity

ECONOMYNEXT – The Colombo Stock Exchange closed up on Friday, data on its site showed.

The broader All Share Index closed up 0.35 percent, or 41.71 points, at 11,843; while the more liquid S&P SL20 Index closed up 0.56 percent, or 19.20 points, at 3,454.

Turnover was low at 653 million.

“The market picked up a bit from yesterday but it’s still below the psychological 12,000 mark,” Softlogic Stockbrokers said.

“Local retail participation drove the market predominantly.”

John Keells Holdings Plc brought in Rs109mn to the turnover, and the share closed flat at 194.50.

Melstacorp Plc contributed in Rs104mn to the turnover, and the share closed flat at 85.00.

Sentiment around the banking counters was mostly negative. Sampath Bank Plc closed down at 77.00, closed flat at 101.25, and Hatton National Bank Plc closed flat at 195.25.

The top contributors to the ASPI were Commercial Bank of Ceylon Plc (up at 103.50), Bukit Darah Plc (up at 397.00), and Hayleys Plc (up at 101.00).

Foreign participation remained low as well. There was a higher net foreign outflow of 101 million.

“Foreign selling was seen on John Keells Holdings, and banking counters; Hatton National Bank Plc (down at 195.00), Pan Asia Banking Corporation Plc (down at 20.70), and Commercial Bank of Ceylon Plc.

There was selective foreing interest on the diversified financials sector, particularly in companies that had vehicle leasing portfolios. “We think this might be due to the news of the vehicle import ban possibly ending.”

LOLC Holdings Plc closed up at 440.50, People’s Leasing and Finance Plc closed up at 12.20.

Softlogic Holdings Plc which announced the date of its rights issue, closed up at 8.50. (Colombo/Jul12/2024)

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