By Ifham Nizam

In a significant move for Sri Lanka’s educational landscape, the Australian High Commissioner to Sri Lanka, Paul Stephens, officially launched Curtin University Colombo, marking a milestone in the growing partnership between Australia and Sri Lanka in higher education.

The event was held on Monday at the Curtin University in Colombo, with dignitaries, educators, and students in attendance.

Curtin University Colombo, an extension of Curtin University’s global network, now becomes the fifth world-campus for the Australian institution, further strengthening the ties between the two nations, the Australian High Commissioner said.

The launch represents the culmination of years of collaboration and shared vision between Curtin University and the Sri Lankan Institute of Information Technology (SLIIT). This partnership, which began in 2001, has produced over 3,000 graduates and is seen as a crucial step in the further development of Sri Lanka’s educational infrastructure.

The Australian High Commissioner stressed the importance of the Curtin University Colombo campus as a testament to Australia’s ongoing commitment to Sri Lanka’s education sector.

He said that more than 30 Australian educational institutions currently operate in Sri Lanka, with Australia being the leading destination for Sri Lankan students. Some 18,000 Sri Lankan students are currently studying in Australia, a number expected to rise in the coming years.

Stephens added: “Curtin University Colombo’s establishment represents our belief in Sri Lanka’s future.

“Despite the challenges Sri Lanka has faced in recent years, the optimism surrounding this project reflects a shared vision for a peaceful, prosperous, and united future.

“There is strong support from the Sri Lankan government for the country’s education sector, particularly in enhancing employability and access to quality education. This initiative aligns with Sri Lanka’s goals for long-term sustainable growth, especially in sectors like engineering, business, and IT—areas in which Curtin University has established a global reputation for producing industry-ready graduates.

“The partnership between Curtin University and SLIIT was further solidified in 2020 with the establishment of a Curtin Colombo campus, offering fully-franchised undergraduate programs in engineering and business. With the new Curtin University Colombo campus, students will now have access to a world-class education right in their home country, with the added benefit of an internationally recognized Australian qualification.”

Stephens praised the collaborative efforts that led to this achievement, acknowledging the hard work and commitment of all involved in the creation of Curtin University Colombo.

He also encouraged students and prospective students to seize the opportunity to study at the new campus, which is poised to play a key role in Sri Lanka’s educational and economic development.

“By equipping the next generation with the necessary skills, we can help Sri Lanka achieve its goal of becoming a more agile, export-oriented economy,” said Stephens. “The graduates of Curtin University Colombo will possess the skills necessary to navigate the challenges of a rapidly changing global market.”

Curtin University, ranked among the top universities globally, has been recognized for its research, strong industry partnerships, and focus on producing graduates who are well-prepared for the workforce. With more than 50,000 students and partnerships with over 80 institutions worldwide, Curtin’s global network continues to grow.

In an engaging speech that chronicled the remarkable evolution of the Sri Lanka Institute of Information Technology (SLIIT), Professor Lalith Gamage, chairman of Curtin Colombo and Vice Chancellor and CEO of SLIIT, reflected on the institution’s growth from its humble beginnings in 1999 to becoming one of the top-ranking universities in Sri Lanka today.

The story began in the late 1990s when Sri Lanka’s burgeoning IT industry faced a significant shortage of skilled professionals. In response to this challenge, Professor Gamage, alongside a group of visionary educators, founded SLIIT with the aim of bridging this gap. At the time, the University of Moratuwa’s Computer Science Department could only accommodate a small number of students, enrolling just 16, later increasing to 25. However, he said the demand from the IT industry was far greater – calling for thousands of trained professionals to drive the sector’s growth.

He said that recognizing the need to create an educational institution that could cater to this demand, SLIIT was established as an independent entity, separate from the University of Moratuwa, without degree-awarding status. The response from prospective students was overwhelming, with over 3,150 applications flooding in for a diploma in Information Technology. Despite initially planning to enroll only 150 students, the institution expanded its capacity to accommodate 400.

By 2000, the institution’s ambitions grew. Professor Gamage sought international partnerships to offer degree programs, reaching out to his friend, a professor at Curtin University in Australia. What started as a hopeful collaboration eventually led to a franchising agreement between Curtin University and SLIIT, allowing the latter to offer degrees and expand its offerings in IT. This partnership not only bolstered SLIIT’s academic credentials but also contributed significantly to the rapid growth of Sri Lanka’s IT industry, which saw annual growth of 25% and became the fifth-largest export sector in the country.

The partnership with Curtin University became a cornerstone of SLIIT’s development, bringing world-class curricula and faculty to Sri Lanka. Curtin University staff helped improve SLIIT’s academic programs, and SLIIT faculty were given the opportunity to study at Curtin, bringing back invaluable knowledge and experience to enhance the institution’s teaching standards. Over time, more than 15 staff members completed their PhDs through this collaboration, further strengthening SLIIT’s position in the higher education landscape.

Professor Gamage is confident in generating an economic contribution of USD 1 billion to Sri Lanka’s economy within the next three years, positioning the country as a leader in higher education in the region. The long-term goal is to build upon the momentum of the IT industry’s growth, which began in the early 2000s, and expand the impact of higher education on Sri Lanka’s economy.

National Savings Bank showcased robust financial performance in the third quarter of 2024, propelled by the short-term advantages of liability repricing and a surge in fee-based income.

The nation’s premier savings bank reported a remarkable net interest income of Rs. 53.4 billion for the nine months ending 30th September 2024, reflecting a remarkable growth of 191% compared with Rs. 18.3 billion recorded during the same period last year. This outstanding achievement was realized despite a decline in both gross income and interest income of 8.7% and 9.1% respectively over the period under review. The decline in interest income was primarily attributed to the sustained reduction in interest rates on government securities as well as loans and advances when compared to the corresponding period of the previous year.

“The past nine months have presented significant challenges, as we have strived to maintain margins while growing our portfolios in an interest rate reducing scenario. Although we are witnessing signs of recovery, the lingering effects of the worst economic crisis continue to impact both our borrowers and depositors. Despite these obstacles, our resilience and strategic focus have allowed us to navigate these turbulent times, ensuring that the Bank remains on a path to sustained growth and stability” NSB Chairman Dr Harsha Cabral PC commented.

Fee and commission income surged by 44%, primarily driven by higher revenue from card operations, mobile app transactions, and internet banking activities compared to that of 3Q2023. Meanwhile, the net gain on derecognition of financial assets measured at fair value through other comprehensive income soared by an impressive growth, bolstered by realized gains from treasury bonds and treasury bills totalling Rs. 442 million. Operating expenses rose by 28%, largely attributed to increased personal and other operating expenses.

The Energy Efficiency Testing Laboratory, funded and established by the Republic of Korea, was officially inaugurated in Ja-Ela on November 28. The Korea-donated facility is poised to transform energy efficiency testing and certification in Sri Lanka, bringing substantial benefits to the nation’s industries, producers, and consumers.

Miyon Lee, the Korean Ambassador to Sri Lanka, attended the event and delivered a congratulatory address. Emphasizing the lab’s importance, Ambassador Lee underscored the scale of the 5-year, $13.8 billion project and its potential to improve the efficiency of air conditioning appliances, which account for a significant portion of global electricity consumption. She pointed out that the air conditioning is one of the largest contributors to electricity consumption globally, accounting for over 70% of usage. “Enhancing the energy efficiency of air conditioners is therefore critical to managing Sri Lanka’s overall energy consumption,” she added.

The establishment of the laboratory reflects a collaborative effort involving Korea’s key energy-focused institutions: the Korea Energy Agency (KEA), Korea Research Institute on Climate Change (KRICC), and Korea Testing Certification Institute (KTCI). These organizations played a critical role in designing, constructing, and equipping the facility with advanced technology. In addition to the construction of the laboratory, the Korean government has reinforced its commitment by offering policy consultation and technical assistance to Sri Lanka’s energy sector. This multifaceted approach highlights Korea’s dedication to helping Sri Lanka address energy challenges and transition toward a more sustainable future.