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President Ranil Wickremesinghe
President Ranil Wickremesinghe yesterday highlighted the dual importance of technology and financial literacy for the next generations, as Sri Lanka moves towards becoming a developed nation by 2048.
Speaking at the inauguration of the ‘Capital Market Club’ program at the Nugawela Central College in Kandy yesterday, Wickremesinghe emphasised the need for Sri Lanka to break free from its stagnant position and embrace a forward-thinking approach to secure its global standing.
“In today’s competitive economic climate, financial systems operate without heeding national boundaries. Whether favourable or not, we must adapt within these constraints. Today, our objective is to acquaint you with this methodology, marking the initial step in this educational journey. My aspiration is to introduce discussions on the Central Bank report within schools starting from the upcoming year. I am actively engaging with the Ministry of Finance in this endeavour. To facilitate this, we are equipping both teachers and student leaders with training, while also garnering support from bank officials,” he said.
Drawing inspiration from the lyrics of the song ‘Aaju Thapara Laahila,’ he highlighted the dangers of clinging to outdated policies.
“The world will pass us by if we rotate in one place,” he added.
He underscored the challenges that emerged from the country’s adherence to mid-20th century principles and how they contributed to economic distress exacerbated by the COVID-19 pandemic.
“For a considerable period, we operated within the paradigms of the industrial age that characterised the mid-20th century and these principles infiltrated our political landscape. The outcomes of this approach don’t need elaboration.
In the years 2021 and 2022, our nation faced the dual challenges of economic distress and the COVID pandemic, leading us to a State of economic insolvency,” he said.
The President assured students that the Government will successfully navigate the country out of the economic crisis with a program tailored to rejuvenate the economy.
“I have initiated a program to rescue our country from this dire situation. We are successfully navigating this endeavour. Our focus must now shift towards advancing without regressing into the abyss that threatens our nation’s progress. Adhering to outdated methods would jeopardise our country’s very existence, considering the significant gap between our current state and our desired destination,” he stressed.
Central to the President’s vision is the integration of cutting-edge technology into various sectors, including education, agriculture, and finance.
Acknowledging the swift evolution of technology from a distant concept to an integral part of daily life, he stressed the importance of technological advancements reaching even the most remote communities.
Recognising the global nature of the economy, President Wickremesinghe highlighted the ongoing negotiations for multiple free trade agreements (FTAs), including with Singapore, India, China, and the United States.
He asserted the need for Sri Lanka to adapt within the constraints of the international financial system and seize opportunities presented by global economic dynamics. The President’s speech also unveiled a groundbreaking initiative aimed at cultivating financial awareness and expertise among the youth.
One hundred schools have been selected for participation in this initiative, each receiving a monetary allocation of Rs. 100,000. The program’s success will be evaluated after a year, with the winning school, subject teacher, and students receiving a trip to Singapore to study the workings of its stock market. President Wickremesinghe concluded by expressing his belief that the upcoming generation holds the key to transforming Sri Lanka into a developed nation by 2048.
He extended his gratitude to all those involved in shaping this transformative program, while drawing inspiration from historical educational reforms that challenged conventional norms. Inaugurated at Nugawela Central College, a school envisioned and established by Minister of Education A.D. Nugawela, this initiative resonates with the spirit of progress that has been an enduring force in the nation’s educational journey.
Education Minister Dr. Susil Premajayanth said initiative aims to equip school leavers with substantial knowledge to engage as informed investors. By bridging the gap between theoretical instruction and practical experience, this project seeks to empower students with a profound understanding of investment dynamics and the workings of the capital market.
Securities and Exchange Commission of Sri Lanka Chairman Faisal Saleh emphasised the paramount significance of financial literacy in the context of capital market involvement. He noted a prevalent lack of knowledge concerning financial literacy within the region. In response, the establishment of these Capital Market Clubs has been undertaken to provide comprehensive insights into the prudent utilisation of money. By introducing these educational platforms within the school framework, students can acquire a foundational understanding of financial matters directly within the academic environment. Notably, students have exhibited keen interest in this subject matter.
Schools have orchestrated plans to disseminate this valuable knowledge to students starting from the 6th grade onwards. The Ministry of Education and the Securities and Exchange Commission of Sri Lanka play pivotal roles in directly facilitating this initiative. Furthermore, arrangements are in place to conduct seminars targeting school students in the future, augmenting their financial literacy journey. The hope is to garner support from key figures, such as the President and the Minister of Education, to incorporate this subject into the revised school syllabus.
Colombo Stock Exchange Chief Executive Officer Rajiva Bandaranaike expressed the significance of the Capital Market Club’s inauguration, in line with the visionary principles championed by the President. “This club, which was launched today, is aptly characterised as an investment in the future. The gravity of this initiative is underscored by the collaborative effort involving four prominent national institutions. The understanding that collective endeavours yield greater outcomes than individual pursuits is at the core of this strategic move.
“The overarching objectives encompass expanding the participation base within the capital market domain, fostering synergistic educational collaborations and establishing distinguished financial educational brands. By embarking on this journey, the initial stride has been taken toward translating this visionary concept into tangible action. This step symbolises a deliberate commitment to driving transformative change within the realm of financial education and engagement.”
Presidential Director of Youth Affairs and Sustainable Development Randula Abeyweera said a comprehensive strategy has been devised to establish capital market clubs within educational institutions. This strategic initiative has been set in motion, starting with the meticulous selection of 100 schools based on their outstanding performance in the commercial sector as gauged by A-level results. This discerning approach aims to foster a dynamic learning environment that bridges the gap between theoretical instruction and real-world application in the realm of capital markets.
The event also saw the presence of Minister Keheliya Rambukwella, State Ministers Lohan Ratwatte, Dilum Amunugama, MP Gunathilaka Rajapaksa, Central Province Governor Lalith U. Gamage, President’s Secretary Saman Ekanayake, Colombo Stock Exchange Chairman Dilshan Weerasekera, along with Government officials, principals, teachers, students, and a diverse assembly of attendees.
