9 October 2024 12:14 am Views - 16
Sri Lanka’s start-up ecosystem and the need to establish dedicated start-up zones was a major area of focus at the recent Sri Lanka Human Capital Summit (SLHCS) of 2024, which brought many experts together to explore the challenges in developing the nation’s workforce.
The summit held on July 18 aimed to develop a comprehensive roadmap to enhance efforts in human capital development, particularly at a time Sri Lanka looks to transition toward an efficiency-driven economy.
A key recommendation, according to a recent report of the summit, was the establishment of dedicated start-up zones with tailored legal frameworks and infrastructure to promote innovation and entrepreneurship among the local population.
“Sri Lanka’s growing start-up ecosystem presents opportunities to better align talent with start-up needs, improve talent retention and expand access to investment. Improving early-stage funding and providing incentives for start-up founders are essential for fostering innovation and entrepreneurship in Sri Lanka,” the report stated.
In addition to facilitating early access to investment, the report also advocated for the establishment of a Bureau of Repatriation, to reduce the outflow of global talent, as the country strives to recover from a severe economic downturn it experienced two years ago.
Statistics revealed that during the crisis, over 400,000 Sri Lankans left the country in 2022 alone, seeking better opportunities. Moreover, the report called for supportive government policies, particularly in terms of integrating artificial intelligence and technology education at an early age, in an effort to enhance Sri Lanka’s start-up ecosystem and its competitive edge in the global marketplace.
“The leadership panel (of the summit) emphasised the need for an overhaul of the education system to focus on practical skills, continuous skill development and strategic talent retention.These insights align with the global human capital trends, which stress balancing productivity with human performance and addressing the imagination deficit in workforce development,” the report stated.
SLHCS 2024 in Colombo also explored Sri Lanka’s workforce challenges across key sectors such as tourism, IT, financial services and the public sector.
Recommendations for these industries included revamping the education system to better align with the needs of the industry, creating flexible learning formats for information technology subjects and promoting skill-based hiring in the financial sector.
For the public sector, the summit recommended reforms to optimise workforce efficiency, through digital transformations and leadership development.
Moreover, increasing female workforce participation and establishing strong partnerships with educational institutions was identified as a crucial strategy for addressing the workforce deficit.
“The strategies and recommendations offered serve as a roadmap for advancing human capital development, aiming to build a resilient and skilled workforce capable of driving economic growth and enhancing global competitiveness. Implementing these recommendations will be essential for achieving long-term prosperity and stability for Sri Lanka,” the report said.