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Sri Lanka Becomes UK’s Second Largest TNE Partner

Sri Lanka has surpassed Malaysia as the UK’s second-largest transnational higher education (TNE) partner. It now accounts for 10% of the UK’s total TNE enrollments. This growth has made Sri Lanka a key player in global cross-border education partnerships.

British High Commissioner Andrew Patrick reports a 50% increase in Sri Lankan TNE enrollments. The number of students reached 53,915 between 2022 and 2023. This surge has made Sri Lanka the fastest-growing among the top ten TNE host countries.

The expansion of study abroad programs in Sri Lanka has been largely organic. There has been little intervention from the British government. This growth shows strong demand for high-quality international education among Sri Lankan students.

UK universities have shown willingness to partner with local institutions. These partnerships have contributed to the rapid increase in TNE enrollments from Sri Lanka.

Rapid Growth of UK Transnational Education in Sri Lanka

UK universities are expanding rapidly in Sri Lanka. The country is now the second-largest partner for UK Transnational Education (TNE) in 2022-2023. This growth meets the rising demand for quality education in Sri Lanka.

Sri Lanka Surpasses Malaysia as Second-Largest UK TNE Partner

Sri Lanka now accounts for 10% of all UK TNE enrollments globally. This impressive growth has pushed Sri Lanka past Malaysia. It’s now the second-largest country for UK TNE.

Significant Increase in Sri Lankan Enrollments in UK TNE Programs

UK TNE programs in Sri Lanka have seen a 50% surge in enrollments. Nearly 54,000 students are now enrolled. This shows the growing demand for international education among Sri Lankan students.

Several factors contribute to the rapid expansion of UK TNE in Sri Lanka:

Limited capacity in state universities, with only 44,000 out of 171,532 qualified students gaining admission in 2022
The need for a skilled workforce to support Sri Lanka’s growth targets, particularly in sectors such as IT, engineering, and medicine
The focus on Science, Technology, Engineering, and Mathematics (STEM) programs to enhance Sri Lanka’s global competitiveness

Organic Expansion of TNE Partnerships without British Government Intervention

UK TNE in Sri Lanka has grown without significant British government support. Six types of TNE partnerships have been established. These collaborations are mainly between UK universities and local institutions.

Sri Lanka is investing in education and skills development. The international university at Port City Colombo will boost global academic mobility. It aims to attract international students.

Sri Lanka focuses on STEM subjects and partnerships with leading institutions. This positions the country as a potential regional hub for higher education. It’s set to become a key player in the international education market.

Addressing Challenges in Sri Lanka’s Higher Education Sector through TNE

Transnational Education (TNE) tackles Sri Lanka’s higher education challenges. In 2022, only 44,000 of 171,532 qualified students entered state universities. TNE partnerships open doors for those unable to pursue tertiary education.

Sri Lanka saw a 113% growth in TNE program enrollment over five years. This expansion provides more opportunities for students seeking higher education.

Bridging Quality Gaps in Local Education Framework

TNE arrangements improve Sri Lanka’s educational quality by aligning with UK standards. This collaboration enhances employability and skills development, addressing workforce gaps.

TNE partnerships also promote gender parity in higher education. This creates a more inclusive and diverse learning environment for students.

Eliminating Delays in University Admissions through Flexible TNE Programs

TNE programs remove long wait times for state university admissions. Students can start their education promptly, avoiding the typical 1-2 year delay.

This flexibility drives demand for private and transnational education in Sri Lanka. The country now accounts for 10% of all UK TNE enrollments.

Limited Research on TNE’s Impact in Sri Lanka

Despite TNE’s growth in Sri Lanka, comprehensive research on its impact is lacking. Plans are underway to formalize TNE through regulations and monitoring systems.

In-depth studies are needed to understand TNE’s challenges and opportunities. This research will guide policy decisions and shape Sri Lanka’s educational future.

Insights from these studies will ensure TNE continues addressing key issues in tertiary education. These include accessibility, quality, and enrollment backlogs.

FAQ

What is transnational education (TNE)?

TNE involves educational programs where students are in a different country from the institution. It includes branch campuses, distance learning, and partnerships between local and foreign universities.

How has Sri Lanka’s position changed in terms of UK TNE partnerships?

Sri Lanka is now the second-largest TNE partner for UK universities. It accounts for 10% of UK’s total TNE enrollments. This growth happened in just one year.

What types of TNE partnerships exist in Sri Lanka?

Six types of TNE partnerships have been set up in Sri Lanka. Most UK TNE enrollments are through collaborations between UK universities and local institutions.

How has the growth of UK TNE in Sri Lanka occurred?

TNE in Sri Lanka has grown organically, without much British government intervention. From 2022 to 2023, Sri Lankan enrollments in UK TNE programs increased by 50%.

This growth brought the total to 53,915 students. Sri Lanka is now the fastest-growing among the top ten TNE host countries for the UK.

What challenges does Sri Lanka’s higher education sector face?

Only 25% of eligible students get into public universities in Sri Lanka. This creates a big accessibility issue. There are also quality gaps in Sri Lanka’s educational system.

How do TNE partnerships help address these challenges?

TNE partnerships provide a key pathway for students who can’t access higher education otherwise. They expand access and help improve quality by aligning with UK standards.

These programs also eliminate long wait times often linked to state university admissions. Students can enroll without the typical 1-2 year delay.

Sri Lanka Stocks Rally as ASPI Surges 15% in 2024

The Sri Lankan stock market bounced back strongly in early 2024. The All Share Price Index (ASPI) jumped by 15%. This surge shows growing investor trust in the country’s economic stability.

The Colombo Stock Exchange (CSE) saw busy trading days. Daily turnover ranged from Rs. 3.3 billion to Rs. 5.3 billion. Nine straight positive sessions highlighted the market’s strong performance.

Stock Market Recovers, ASPI Gains 15% in First Half of 2024

The blue-chip S&P SL20 index also grew, rising 2.41% to 2,794.15 points. Better-than-expected company earnings fueled this growth. The nation’s economy looks promising, with GDP growth predicted to hit 2-3% by year-end.

Offboard deals on specific stocks made up 15% of total turnover. These deals involved companies like Watawala Plantations and Commercial Bank of Ceylon. This shows strong investor interest in these firms.

The bull market proves Sri Lanka’s economic resilience. It’s attracting both local and foreign investors. As the rally continues, it’s expected to boost overall economic growth.

Stock Market Recovers, ASPI Gains 15% in First Half of 2024

The Sri Lankan stock market has shown impressive growth in 2024’s first half. The All-Share Price Index (ASPI) jumped 15%, while the S&P 20 rose 19%. Lower inflation rates and interest rates have boosted investor confidence.

Inflation Eases and Interest Rates Decline, Boosting Investor Confidence

Falling inflation and interest rates have fueled the stock market’s recovery. Investors now feel more optimistic about listed companies’ future. Quarterly interest costs for core companies have dropped significantly since 2020.

Sri Lanka stock market performance

Foreign Inflows Contribute to Market Rally

Foreign portfolio investment has driven the market rally. As the economy improves, foreign investors have become net buyers. Completing external debt restructuring is vital for market sentiment.

Sticking to the IMF reform program is crucial for sustained growth. Any deviation may create uncertainty and discourage foreign investor participation.

Key Sectors Like Capital Goods and Diversified Financials Lead the Surge

Capital Goods and Diversified Financials sectors are leading the market recovery. These companies have reported strong earnings growth and improved profitability. The banking sector is expected to see a re-rating.

Core earnings will be driven by loan growth amid positive GDP expectations. Non-Banking Financial Institutions should benefit from the current declining interest rate cycle.

Sector	Allocation
Banks/NBFI	30%
Conglomerates	25%
Manufacturing	20%
Consumer	15%
Leisure	10%

Increased trading volume and investor participation have supported market growth. Small to mid-cap companies may outperform large caps due to falling fixed-income yields. CSE earnings are expected to grow by 15.0% in 2024.

The ASPI target is set at 13,800 levels by year-end. The Sri Lankan stock market is ready for further growth and recovery.

Factors Driving the Bull Market

Sri Lanka’s stock market bull run stems from improved economic outlook and investor sentiment. Successful debt restructuring talks led to an IMF agreement for a $2.90 billion Extended Fund Facility. This boosted investor confidence, showing the government’s commitment to economic reforms.

Government reforms and the IMF program have stabilized the macroeconomic environment. Inflation dropped to about 35% in April 2023 from over 70%. Market-based pricing for fuel and cooking gas has aided the economic turnaround.

Sri Lanka has made progress in overcoming its economic crisis. The tourism sector’s rebound has been a key factor in 2023’s economic growth.

Lower Inflation and Interest Rates Spark Multiple Expansion for Equities

Falling inflation and interest rates have fueled the Sri Lankan stock market bull run. Inflation is expected to hit single digits by Q3 2023. This has made investors more optimistic about the country’s economic future.

Lower interest rates have led to higher stock prices. Investors are willing to pay more due to improved earnings visibility. The Sri Lankan Rupee gained about 10% in February 2023 alone.

Successful Debt Restructuring Negotiations Improve Economic Outlook

Debt restructuring talks have been a game-changer for Sri Lanka’s economy. Foreign debt was 55% of total debt in early 2022. The IMF agreement and fiscal plans have greatly improved the economic outlook.

This has boosted various sectors, like Financial Services and Leisure. Maldivian Resorts and Colombo Hotels have performed well. The Group’s Bunkering business has seen higher profits from fuel prices and volumes.

Government Reforms and IMF Extended Fund Facility Program Support Recovery

Government reforms and the IMF program provide a strong base for Sri Lanka’s recovery. These measures address macroeconomic imbalances and set the stage for future growth. The Group reported 17% EBITDA growth to Rs.45.74 billion despite challenges.

The Supermarket business showed resilience with 45% EBITDA growth to Rs.7.46 billion. Ongoing reforms and fiscal discipline are expected to brighten economic prospects. This provides a solid foundation for the continuing bull market in Sri Lankan stocks.

Sri Lanka’s September 2024 Merchandise Exports Decline by 3.5%

Sri Lanka’s merchandise exports in September 2024 reached $937.95 million. This marks a 3.49% drop from the same month last year. The decline stems from the ongoing economic recession and global market contraction.

These factors have hurt the country’s export trade. The export slump has widened the trade deficit. This highlights the need for policy reforms to boost export competitiveness and diversify products.

Sri Lanka's September 2024 Merchandise Exports Decline by 3.5%

Services exports showed a positive trend in September 2024. They increased by 6.08% to $329.89 million compared to 2023. However, the total value of merchandise and services exports fell by 1.17% from last year.

The export sector is vital for Sri Lanka’s economy. It generates foreign exchange and creates jobs. In 2023, Sri Lanka’s GDP was $84.36 billion in nominal terms.

The GDP in purchasing power parity terms was $318.55 billion. Forecasts predict a growth rate of 4.4% for the fiscal year 2024.

Export Performance in September 2024

Sri Lanka’s exports faced hurdles in September 2024. Merchandise exports fell by 3.49% to $937.95 million. The apparel and textile sectors slowed, while logistics and currency issues added to the decline.

Services exports grew by 6.08% to $329.89 million compared to September 2023. This growth helped balance some merchandise sector losses. It shows the value of diversifying exports.

Total Exports Decline by 1.17%

Total exports reached $1,267.84 million in September 2024. This marks a 1.17% drop from 2023. The fall in merchandise exports caused this overall decline.

Lower earnings from tea, rubber products, electronics, and seafood contributed to the decrease. The government introduced the Export Development Reward Scheme to tackle these issues.

This scheme rewards exporters for increasing their export volumes. Large exporters get a 2% reward, while SMEs receive 3.5%. The aim is to boost export earnings by $600 million.

These initiatives offer hope for a stronger export sector. They encourage value addition and product diversity. This approach could help Sri Lanka navigate current challenges and build a more resilient future.

Major Exports with Positive Growth

Several key sectors in Sri Lanka showed growth despite overall export decline in September 2024. Apparel and textile exports rose 15.71% to $418.68 million. This was mainly due to a 36.87% increase in exports to the US market.

Coconut-based products grew 10.36% compared to last year. Coconut kernel products increased by 9.29%, while fiber products rose 9.39%. Remarkably, coconut shell products surged by 814.8%.

Spices and Concentrates Exports Soar

Spices and concentrates exports grew 26.39% to $48.04 million. Pepper exports increased by 43.91%, while cinnamon rose 16.34%. Food and beverages exports also grew 8.78% to $33.21 million.

Processed food showed significant growth of 69.41%. This sector’s performance contributed to the overall positive trend in exports.

ICT Exports and Logistics Services Poised for Growth

The ICT sector is expected to grow despite economic challenges. ICT exports may increase 28.66% to $150.28 million in September 2024.

Logistics and transport services could grow 24.94% to $158.4 million. These sectors show resilience and potential in current economic conditions.

Major Exports with Negative Growth

Key sectors of Sri Lanka’s export economy saw negative growth in September 2024. Tea exports fell 2.44% to $117.03 million. Bulk tea exports dropped by 10.26%.

Rubber and rubber finished products exports decreased 4.1% to $79.5 million. Pneumatic and retreated rubber tires and tubes declined 12.19%. The electrical and electronics components sector plummeted 27.73% to $28.1 million.

Seafood exports plunged 42.18% to $14.83 million. Frozen fish, fresh fish, and shrimps all performed poorly. Ornamental fish exports fell 14.23% to $2.17 million. Other export crops declined 73.57%.

These declines contributed to a 3.5% decrease in Sri Lanka’s merchandise exports. The country has an untapped export potential of $10 billion annually. This could create about 142,500 new jobs.

Global economic challenges have impacted Sri Lanka’s export performance. Despite this, the country still has significant growth opportunities in various sectors.

Cumulative Export Performance from January to September 2024

Sri Lanka’s merchandise exports grew 5.07% from January to September 2024. The total value reached $9,437.11 million, surpassing the same period in 2023. Apparel, tea, rubber, coconut, and spice sectors drove this growth.

Services exports also increased by 8.03%, totaling $2,577.22 million. The combined merchandise and services exports rose to $12,014.33 million. This marked a 73.24% increase compared to the previous year.

However, some sectors faced declines. Electrical components, seafood, and ornamental fish exports showed negative growth during this period.

Sri Lanka’s export performance showed resilience in key sectors despite global challenges. The apparel and textile industry played a crucial role in driving merchandise exports growth.

Moving forward, maintaining momentum in thriving sectors is crucial. Addressing challenges in declining industries will help sustain overall export growth. This strategy will strengthen Sri Lanka’s trade balance in the coming months.

Sri Lanka Names Hans Wijayasuriya as Digital Economy Lead

OMP Sri Lanka has announced a significant step in the country’s digital journey. Dr. Hans Wijayasuriya has been chosen as the Chief Advisor on Digital Economy by the president. This key appointment by President Anura Kumara Dissanayake highlights the country’s dedication to leading in technology. It also shows its efforts to transform its digital space.

Sri Lanka Appoints Axiata GED Hans Wijayasuriya as Chief Digital Economy Advisor

Dr. Wijayasuriya brings a wealth of experience from his time as Axiata Group’s General Executive Director. His global recognition, including the top GSMA Chairman’s Award in 2024, will greatly benefit his new position. With this role, Sri Lanka is starting a new chapter in its digital journey. The aim is to boost growth and improve public services with new technology.

Work on economic recovery is moving forward, and Dr. Wijayasuriya’s vision is expected to be key for empowering Sri Lankans digitally. By taking on this important advisory role, he will wrap up his successful time with Axiata by January 2025. This move marks a major shift from his corporate achievements to serving the nation in the technology field.

Sri Lanka Appoints Axiata GED Hans Wijayasuriya as Chief Digital Economy Advisor

Sri Lanka has made a key move by naming Hans Wijayasuriya the Chief Digital Economy Advisor. This important step is set to boost the country’s role in the digital world and enhance its global standing. It shows Sri Lanka’s eagerness to lead in tech among developing countries.

Appointment Marks a Transformational Shift for Sri Lanka’s Digital Landscape

Dr. Wijayasuriya starts his role on November 1, 2024. He brings vast knowledge, especially from the financial world. This matches well with Sri Lanka’s goals of promoting tech and innovation in telecom. On his first day, the local currency strengthened, showing more investor confidence, particularly in finance.

Empowering a National Vision: Toward a Digitally Advanced Sri Lanka

With Dr. Wijayasuriya’s leadership, Sri Lanka aims to launch major digital updates. These plans are to upgrade infrastructure and make tech widely available, improving living standards and job chances for everyone. His experience in emerging markets and digital fields will likely lead to significant progress.

Public-Private Synergy: Wijayasuriya’s Role in Digital Policy and Advisory

Advancing digitally needs teamwork between the government and private companies. Dr. Wijayasuriya will head the ICTA of Sri Lanka, focusing on starting strong and creating solid policies. His role aims to synchronize Sri Lanka with global digital developments, promoting growth and tech empowerment.

Sri Lanka has also gained major global support, for example, a $1 billion World Bank loan. This shows the world’s trust in Sri Lanka’s recovery and growth plans. It’s a step towards building a vibrant digital economy.

Having Hans Wijayasuriya as the Chief Digital Economy Advisor is crucial for Sri Lanka. His insight and strategy are key to bringing in a digital age of success. He’s expected to blend economic strength with tech innovation seamlessly.

Hans Wijayasuriya’s Legacy in Telecommunications and Digital Solutions

Dr. Hans Wijayasuriya has led for over 30 years in the Axiata Group. He has made a big impact on global mobile communication. This is shown by his GSMA Chairman’s Award in 2024. He now focuses on Sri Lanka’s digital economy growth. By being the Chief Advisor to the President on Digital Economy, his telecommunications expertise will help the country. Sri Lanka faces challenges like the need for skilled software experts which it currently lacks. Dr. Wijayasuriya is key in meeting the IT industry’s growing demands.

To improve the IT workforce, there is a focus on digital innovation. This aims to boost the economy and stop the brain drain by offering good jobs to the young and encouraging them to start businesses. Dr. Wijayasuriya’s work is seen in Dialog Axiata and Axiata Digital Labs. These efforts show his lasting effect on Sri Lanka’s telco and digital areas. He advises the nation to use innovation to enhance international trade. This will help with currency issues and reduce the banking sector’s reliance on the falling rupee.

Sri Lanka is changing its laws, with the 21st Amendment passed. This shows its commitment to fair laws and chances for everyone. The nation is trying to improve in areas like banking and IT. Groups like the Commonwealth Union Ltd. and Appé Lanka help poor communities in Sri Lanka. The President’s Media Division says Dr. Wijayasuriya’s role is very important. As Sri Lanka plans to dissolve its Parliament for elections, it looks forward to new laws and policy changes.

Sri Lankans Are Positive About Religious Diversity

A significant move towards embracing religious tolerance is seen in Sri Lanka. Recent data shows that 62 percent of Sri Lankans view the country’s variety of religions, ethnicities, and cultures favorably. This acceptance of diversity thrives even though Buddhism remains a core part of Sri Lankan identity, with 95 percent of Buddhists seeing it as key.

In embracing different faiths, a large number of Sri Lankan Buddhists are up for living in harmony with other religions—81 percent with Hindus, 82 percent with Christians, and 75 percent with Muslims. Many Buddhists and Hindus also worship gods from religions other than their own. This underlines Sri Lanka’s special place in the world for religious integration.

Sri Lankans Are Positive About Religious Diversity, Says Pew Survey

Even with these forward steps, Sri Lanka is still figuring out its mixed-religion identity. The special status of Buddhism in its constitution stirs debate about secularism and its role in laws. While various religious customs are recognized, fewer people, 50 percent, think Islam fits well with Sri Lankan traditions as opposed to Hinduism and Christianity.

Key Takeaways

62 percent of Sri Lankans express positivity towards religious and ethnic diversity.
Diverse religious practices are embraced, with remarkable instances of interfaith devotions among Buddhists and Hindus.
There exists a notable wedge in perceptions of various religions, with Islam perceived less congruous with Sri Lankan culture.
Religious tolerance coexists with active discussions on the extent of Buddhism’s influence in national governance.
Amidst strides in religious coexistence, the underlying tensions reflecting past conflicts remain a consideration in societal progression.

As it moves forward, Sri Lanka continues to balance unity and differences in religion. These aspects are part of its wider journey, including a boom in tourism. They play a big role in the nation’s push for inclusive and lasting growth.

Understanding Sri Lanka’s Commitment to Religious Harmony

Sri Lanka is a place where many cultures and religions blend together. It values religious diversity and social bonding deeply. This island nation works hard to maintain peace among different faiths.

This is seen in its laws and how people from various religions work together for harmony.

The Cultural Significance of Buddhism in Sri Lankan Identity

Buddhism, especially Theravada Buddhism, is very important in Sri Lanka. It touches many parts of life like education and politics. About 70.2% of people follow it, making it a key part of the country’s identity.

People show respect for Buddhist teachings through their support for related laws. This shows a special mix of faith and government in action.

Interfaith Relations: Acceptance Across Religious Boundaries

Sri Lanka shows its open-mindedness towards all religions. The majority Buddhists join in and respect other religious practices. This mutual respect helps everyone live together peacefully in this diverse nation.

Such actions highlight Sri Lanka’s dedication to welcoming different cultures and beliefs.

Political Influence and the Role of Religious Leaders

Religion and politics are closely linked in Sri Lanka. Buddhist leaders often have a say in political matters. This shows how religion and government are intertwined.

Even so, people debate how much religion should influence politics. This shows a society trying to find the right balance between faith and a secular state.

In conclusion, Sri Lanka’s journey towards religious harmony is a model to follow. It shows the importance of embracing diversity and inclusivity. This commitment is key to keeping peace in a country with so many different beliefs.

Religious Group	Percentage of Population	Influence on Public Policy
Buddhists	70.2%	High
Hindus	12.6%	Moderate
Muslims	9.7%	Moderate
Christians	7.4%	Low

Sri Lankans Are Positive About Religious Diversity, Says Pew Survey

The Pew Research Center findings show Sri Lankans are embracing ethnic and religious diversity. Many Buddhists in Sri Lanka, who are 70.2% of the population, welcome neighbors of various religions. This shows Sri Lanka’s cultural strength and open-mindedness towards religious differences.

In Sri Lanka, people often join in interfaith prayers, which is special compared to other places. This practice shows deep respect and unity among different ethnic and religious groups. But, feelings about blending different cultures are mixed among the nation’s people. There’s a lively debate on how different religious communities should come together.

Even with some political tensions, Sri Lanka is making progress towards full religious acceptance. Education and city life don’t weaken religious beliefs in Sri Lanka, unlike in other countries. This unique cultural unity goes beyond economic differences.

The Pew report also mentions that most Sri Lankans see diversity as good for their country. About 56% believe that having people from various backgrounds makes Sri Lanka better. This attitude is key to building a united Sri Lankan identity that values all its cultures and religions.

Accepting diversity helps in strengthening community ties and improving Sri Lanka’s image worldwide. As the country works on its economy, being open and tolerant shows it’s adapting to global views on diversity and inclusion.

Exploring the Fabric of Sri Lankan Society

Sri Lanka is a beautiful mix of cultures and beliefs. It’s known for its religious diversity. These cultural traditions show up in everything from art to what people eat. Buddhism is big here, but so are Hinduism, Islam, and Christianity.

The country works hard to keep peace between all religions. Sacred places and festivals play a big role in this. They help shape how people live together.

Many studies look at religion and politics in Asia, including Sri Lanka. These studies show how religion and government are connected. Books and articles offer more insight into these connections.

This knowledge helps us understand how Sri Lankans keep their society together. They balance religious rights and social harmony.

Technology is bringing new challenges and opportunities to Sri Lanka. It’s breaking down old barriers. The internet can spread hate, but it also brings people closer.

Sri Lanka works to keep the internet safe. They’re trying to keep up with digital changes. They aim to keep everyone together, respecting all beliefs.

They’re figuring out how to mix traditional beliefs with new tech. It’s all about keeping the peace and moving forward together.