Incentives to Private Sector to Invest in University Research in Sri Lanka. Professionals Overseas Express Willingness to Come Back

31st January 2011, www.dailymirror.lk, By Kelum Bandara

The government has decided to give income tax concessions to private sector companies that invest in research work at local state universities in Sri Lanka, officials said yesterday.
Higher Education Ministry secretary Dr. Sunil Jayantha Navaratne told Daily Mirror yesterday that any university could now undertake research in various fields under private sector sponsorship.

Dr. Navaratne said that the public sector had insufficient funds for investment in this sector and, therefore, the country had lost many opportunities to introduce new services and products through research.

He said, “If a company invests Rs.10 million, twice that amount would be deducted from their income tax. Companies take a risk in making such investments. Research can sometimes end in failure or take years to produce results.”

“In other countries, research is carried out through public-private partnership. The transistor radio was also developed through a similar system. The private sector can invest in university research and enjoy this tax benefit,” he said.

He also said that 10-15 university lecturers who were working overseas had expressed their willingness to come back, after the government’s announcement that they could return despite having violated the conditions of the bonds they had entered into with their respective universities.

“I have received letters from 10-15 lecturers living abroad,” he said.

Asked about the facilities to be given to such lecturers, he said, “They can send their children to quality schools here. We will also be able to pay them better in the future.”

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