Ex-BASL chief: SL loses USD 2 bn annually due to its failure to set up foreign universities

One-time President of the Bar Association Upul Jayasuriya, PC, says the country lost about USD 2 bn a year due to the failure on the part of successive governments to allow the setting up of foreign universities here. Referring to the Government Medical Officers’ Association (GMOA), Jayasuriya, who once headed the BoI said that foreign universities attracted Sri Lankan students at a tremendous expense to the national economy. At any given time, there were more than 70,000 Sri Lankan students studying overseas.

Jayasuriya said so delivering the Daya Wettasinha memorial oration organised by the Sri Lanka-Japan Friendship Society backed by the Sri Lanka-Japan Business Council, at the Sasakawa Hall.

Jayasuriya faulted successive governments for having given in to pressure from the GMOA.

Several universities had been interested in setting up universities here. The PC said: “There was a famous British university that has been allocated 20 acres of land in the Mirigama Zone. They refused to start off. There was Manipal University and Deakin University that were extremely enthusiastic in starting their universities in Sri Lanka. They were all traumatised with the actions of this Trade Union that is a law unto itself in opposing SAITM. At the moment Sri Lanka has no hope of such educational institutes starting in Sri Lanka. This would have averted the dollar drain but we could have also earned much needed foreign investments and the inflow of dollars from prospective foreign students, particularly from India. It is vital as India has no international universities granting foreign degrees. If Sri Lanka can offer these foreign degrees, Indian parents would be so happy to send their children to Sri Lanka, rather than to European destinations particularly Australia where some of them are getting brutally assaulted and undergo cultural disparities.”

Referring to the then Sri Lankan Finance Minister JRJ’s famous San Francisco speech in 1951 in support of Japan, Jayasuriya emphasised Sri Lanka had received1.35 Trillion yen loan, approximately Rs. 270 Billion as grant aid, 108 Billion Technical Cooperation in addition to about 130 Japanese investments here. Daya Wettasinha, lawyer, businessman and more than anything else was a great human being. Wettasinghe was one of the select group of Sri Lankans to receive The Order of the Rising Sun. It is the third highest order bestowed by the Japanese government.

Commenting on current crises, Jayasuriya said that though Sri Lanka brought the war to a successful conclusion in May 2009, the country wasn’t able to achieve its true potential.

“For some people, with numerous personal bodyguards round the clock, fancy vehicles acquired with public funds whisking through crowded streets… probably now they fly about in helicopters or now in private Jets….and all other unimaginable means of luxurious living. People have entered a rat race with an insatiable greed for money and power. People are also self-indulgent and revel in false valour at the expense of the innocent peasantry, who perpetually struggle to make ends meet. Some get a sadistic delight displaying their prowess and money power. Those with Aston Martins, Lamborghinis, and Porsches have no qualms about displaying their wealth, and of course we have those who purchase iconic fashion merchandise such as, Louis Vuitton, Gucci and Giorgio Armani, while bare footed children walk their way to school in the hot sun. There are those who are without furniture, toilets or even water in the school. They can barely afford their meals. Where is our development, where are we heading?”

“Where have we failed? Let’s go back a few decades. We have had an excellent civil administration, highly commendable Judiciary, Police and Public service and a top tier education system. These we inherited from our colonial forefathers. Of course we could be proud of what we inherited. But where are we today? Is it that the systems have failed or the people have failed? I would say that the systems have deteriorated and failed the people. Our values have failed. Our expectations have failed, our attitudes have failed. In short, we have failed. I don’t blame anyone but ourselves. We are all to blame for it. ‘Mea culpa!’ ‘Mea maxima culpa’ Where is the problem? How do we resolve it?”

Jayasuriya also discussed how foreign capital could be attracted by offering resident visas to those interested in spending US$ 500,000 to make Sri Lanka a second home. Similar schemes were already practiced in Malaysia with US$ 80,000 whereas earlier it was only US$30,000. Similar facilities were available in many countries in the West and East, the PC said (SF)