Plans were afoot to establish medical faculties at the Universities of Wayamba, Sabaragamuwa and Moratuwa said Prof. Mohan de Silva, Chairman University Grants Commission addressing the FCA Convocation at the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently.
Prof De Silva said there has been various constraints in the progression of the higher education sector in the country. He noted that the country has suffered in terms of rankings both in a global and regional context and continue to have a poor visibility as an international destination for quality higher education and student mobility, when compared to countries such as Singapore and Malaysia. But, he said, steps were now being taken to address these issues.
Business models that have lasted for decades have been revolutionized within a matter of just a few years, said Deputy Minister of National Policies and Economic Affairs Dr. Harsha De Silva.
The Deputy Minister who was the Chief Guest at the FCA Convocation elaborated that the economic realities presented by these new business models mean that there was an increasing need to adapt.
“Not only have we to learn to deal with change we need to learn how to grapple with this rapid change,” he said.
He highlighted Uber, Facebook, Alibaba and Airbnb as four models that have completed revolutionized conventional business models creating a paradigm shift.
“Sectors such as taxi cabs and tourism have been completely turned on their head by the internet’s disruptive nature,” he said.
He called on chartered accountants to adapt, and grow and face head on the drastic changes the business world is witnessing.
“As a policy maker or accountant, we must learn to adapt to these evolving economic conditions and business models.”
He said that the access economy means more people were monetizing their personal assets, whether it’s their car, their spare bedroom or their skills. “The rise of long term distribution means these suppliers are becoming a vital part of the nation’s economy.”
“These small businesses are changing the face of business. As accountants you must think about whether and how we should bring these people into our taxation system. It may be unpopular, but we have to do this. We have to create an entrepreneurial culture, and we have to create innovation, yet we have to also make sure that the taxes are collected,” he added.
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