Contacts InColombo: Chulie De Silva (94-11) 5561-323 cdesilva@worldbank.org (94-11) 5561-323 In Washington: Erik Nora (202) 458-4735 enora@worldbank.org Colombo, 8 April 2008: In an effort to raise awareness and understanding of issues related to building a Knowledge Economy, the World Bank recently launched an essay competition for students and faculty members of higher education institutes in Sri Lanka. The competition, which is seeking views on how Sri Lanka can build a Knowledge Economy, was launched simultaneously as the recent study “Building Sri Lanka’s Knowledge Economy by the World Bank South Asia Finance and Private Sector Development Unit. New growth theories have demonstrated that there is a correlation between the intellectual capital of a country and its economic performance. Today intellectual capital is highly prized by high performing countries and its organizations to gain a competitive edge in the global market. Research and development (R&D), knowledge creation and fertilization, innovation in product design are now universally considered to be the vital determinants of this intellectual capital. Strengthening the knowledge economy necessitates a radical change in both societal assumptions and business models as the economics of a knowledge economy is not of scarcity but of abundance. Unlike most resources that deplete when used information and knowledge actually grow through sharing and application. An information rich society or an ICT (Information Communication Technology) enabled one does not automatically become a knowledge economy. The study highlights the key transformations required and provides lessons from other countries that have successfully managed this transition. The factor that is pushing countries to embrace this knowledge economy is the global market, which is using intensively knowledge in a multitude of efficient and innovative ways. This essay competition seeks ideas and views on how Sri Lanka can shift to a knowledge economy strengthening and building the intellectual capital of the country. Undergraduates and graduates from Sri Lankan universities and Private Higher Education Institutes in Sri Lanka (Ages 20 – 40, born between 1968-1988) are eligible to take part in this competition. Three prizes of US$ 1000, US$ 500 and US$ 200 will be awarded to for the first, second and third places. Essays in English must be submitted online through the World Bank Sri Lanka website www.worldbank.lk. Deadline for submission is 20 May 2008.
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