Prime Minister Ranil Wickremesinghe said that it is time for a new human resource policy to go hand in hand with the economic development plan which will be outlined soon.“Skilled human capital is essential to harness the key advantages of Sri Lanka like the strategic geographic location, create one million jobs, meet growth aspirations of a fast expanding middle class and revitalize the rural economy,” he said inaugurating the first ever Sri Lanka Human Capital Summit at the Taj Samudra on Saturday.

“We are keen to develop a highly competitive social market economy with an open economic policy and business model attracting foreign direct investments.”

He says that a new Education and Employment Act is being looked at and that the Human Resources Development Agency and Employment Relations Council are now in the process of making it happens.

“The new Acts will take forward the Government’s plans for education to employment and provide the legal framework for policies for human resources development,” Wickremesinghe said.

“We are also looking at compulsory education of 13 years and other required reforms.”

He said that currently talks are ongoing with the German government to see if the island can adopt their dual system with technical education.

Human resources is also the greatest strength of Sri Lanka but a mindset change is required, he stressed.

“Our local businesses have a low wage mentality. We need to change this mindset,” he said. “We need to carry everyone with us and leave none as part of our social market economy policy.”

The Premier says that it is a must to bring back the one million people who are working outside the country. “For this Sri Lankan businesses need to offer pay and perks that are more competitive and more with the regions best.”

“This can be done as we are progressing towards establishing Sri Lanka as a financial hub to fill the gap between Singapore and Dubai.”