Latest news with #internationalisation
South China Morning Post
10 hours ago
- Business
- South China Morning Post
Hong Kong's finance minister urges HKEX to ‘internationalise' and gear up for next phase
Hong Kong's finance minister has urged the city's bourse operator to take steps to make it more attractive for overseas companies to list and introduce new products for trading digital assets. Speaking at a ceremony on Friday to mark 25 years of Hong Kong Exchanges and Clearing (HKEX) as a listed company, Financial Secretary Paul Chan Mo-po said he also wanted the exchange to be technically prepared to become the first bourse in the region to shorten the transaction settlement time to one day – T+1. 'The transformation of HKEX reflects the extraordinary rise of our country and Hong Kong over the past quarter of a century, underlining our pivotal role in supporting the opening-up of the mainland's financial markets,' Chan told hundreds of attendants at the HKEX Connect Hall, which was the exchange's trading floor until 2017. Looking ahead, Chan said the HKEX needs to 'internationalise', pointing out that 60 per cent of the 2,600 listed companies were from the mainland and accounted for 80 per cent of the market capitalisation. HKEX chairman Carlson Tong (left) and Financial Secretary Paul Chan strike a gong to officially launch the celebrations to mark the exchange's 25th anniversary on Friday. Photo: Elson Li 'Amid growing geopolitical challenges, Hong Kong has become a safe harbour for international investors seeking to diversify their portfolios,' he said. 'HKEX can also emerge as a preferred listing platform for companies from Asean, the Middle East and other regions, especially those that find it challenging to access capital markets in the US or Europe.'
Mail & Guardian
14 hours ago
- Politics
- Mail & Guardian
Advance academic excellence through transformation and internationalisation at SA universities
The brain circulation among academics is an international phenomenon that must be celebrated instead of being despised. In recent public discourse, questions have been raised about South African universities prioritising hiring foreign academics over local talent. These claims, though understandable in the broader context of our country's unemployment problem, require deeper interrogation and a nuanced understanding of the higher education landscape, history and its purpose. The little-understood or even misunderstood concept of internationalisation of higher education in South Africa also needs to be clarified. As context for our higher education system, South Africa is an open economy and an integral part of the global academic community. As the world becomes increasingly interconnected, our universities must remain at the cutting-edge of international developments to maintain their relevance in society, and to foster their excellence, globally, and general sustainability. In today's knowledge-driven economy, learning is no longer bound by geographical borders. Institutions of higher learning must therefore actively work with global scholarly pursuits to ensure South Africa remains locally relevant while retaining competitiveness in global research, innovation and intellectual contributions. Data from the Higher Education Management Information System shows that foreign nationals constitute just over 12% of academic staff at South Africa's 26 public universities, with higher concentrations in science, engineering and health faculties. Data on international mobility of European researchers in higher education in 2019 shows a decrease in the share of internationally mobile researchers from 2012 to 2019. For those mobile for three or more months, the share fell from 31% in 2012 to 27% in 2019. For short-term mobility, the decrease has been more dramatic, from 41% to 32% in the same period. Excellence in academia transcends national boundaries. Talented people from all backgrounds drive innovative research, scientific progress and interdisciplinary knowledge. This global collaboration is at the heart of what is known as the internationalisation of higher education — an intentional effort to integrate global perspectives into higher education. Such efforts aim to enhance the quality, goals, and delivery of higher education and research. Neglecting this international dimension risks stagnation and missed opportunities for growth. Cross-border partnerships offer access to cutting-edge expertise, diverse viewpoints, and varied learning methods, fostering the cross-pollination of ideas essential for advancing knowledge. South Africa has long embraced internationalisation as a mechanism to enrich its academic content and environment. Our institutions benefit from global networks that facilitate funding opportunities, research partnerships which seek to advance new knowledge and innovations, and scholarly exchange programmes — all critical components of a thriving higher education ecosystem. These international connections are not a luxury but a necessity in ensuring that South African universities maintain their standing in global competitiveness and intellectual discourse. The modern academic landscape is shaped by the seamless exchange of ideas, facilitated by technology and international collaborations. No country can develop its knowledge economy in isolation, and South Africa is no exception. Higher education must occur within an environment where leading experts share discoveries and emerging trends without geographical constraints. Transformation an imperative Several factors contribute to the current staffing situation within our institutions. First, under apartheid, the majority of South Africans were systematically excluded from pursuing qualifications and careers in fields such as science, engineering and medicine. The legacy of these discriminatory policies persists today, making it necessary for universities to rely on foreign nationals to fill critical academic roles. As a result, the importation of advanced skills remains an ongoing reality for South African higher education, notwithstanding the need for internationalisation to enhance quality higher education and development of local skills. Second, academic careers have not always appealed to local professionals, particularly when the private sector offers significantly higher salaries for roles requiring fewer qualifications. Additionally, the widespread use of temporary contracts — accounting for about half of universities' staff — creates uncertainty that discourages those seeking long-term job security for themselves and their families. These conditions have contributed to the fact that only just over half of academics at South African universities hold PhD qualifications, which is a necessity for development of new knowledge, growth of higher education and also still falling short of the National Development Plan's goal of 75% by 2030. The historical exclusion of the majority population led to legislation promoting employment equity and workplace transformation to which our universities remain compliant. While universities strive to attract and retain local academics in pursuit of diversity, equity, and excellence, the scarcity of qualified local candidates often makes international recruitment a necessary strategy. Benefits of internationalisation Internationalisation and the development of local academic talent are not opposing goals. Rather, they are mutually reinforcing: each enhances the other's value and effectiveness. Prioritising opportunities for local scholars should go hand in hand with recognising that their growth is strengthened through international expertise. The presence of foreign academics in our institutions fosters mentorship, collaborative research and skills exchange, ultimately benefiting both local scholars and students. The cross-pollination of ideas and methodologies enriches academic discourse and drives innovation that serves both South Africa and the global community. Moreover, internationalisation does not equate to sidelining South African academics. On the contrary, many of our brightest minds have flourished through international exposure, and our universities remain committed to nurturing local talent through initiatives such as grants, postdoctoral fellowships, and programmes like the New Generation of Academics Programme, Nurturing Emerging Scholars Programme, and Future Professors Programme. These initiatives specifically support historically under-represented groups. Furthermore, many South African scholars have gone on to contribute meaningfully to global scholarship. Thus, the current public discourse, which seeks to dismiss the importance of links to international academic risks leading the nation down a harmful path. We cannot forget the damaging effects of apartheid-era academic isolation. As we continue to rebuild from that legacy, we must resist being misled by those who, under the guise of protecting national interests, advocate for a narrow and inward-looking approach. Our goal should not be exclusion but integration — creating dynamic universities where diverse, talented minds converge to shape a better future. A collaborative future Instead of viewing internationalisation as a threat to local employment, we should see it as an opportunity for shared progress. South African universities must continue to cultivate local academic talent while embracing global perspectives that drive innovation, research, and thought leadership. The focus should be on merit, strategic value, and academia's role in tackling societal challenges. As South Africa competes in a global knowledge economy, our institutions must stay internationally connected to ensure students and scholars benefit from the best expertise, regardless of national origin. Integrating international knowledge is not a dismissal of local talent but a strategic move to enhance our intellectual capacity. We must remember that true academic progress does not thrive on exclusion; it flourishes through diversity, shared inquiry and an unwavering commitment to excellence. By welcoming global perspectives while fostering homegrown talent, South African higher education will continue to drive effective solutions, groundbreaking discoveries, and transformative leadership that benefit not only our nation but the world. The question is not whether we should work internationally; it is how boldly we will position ourselves as a knowledge powerhouse in the years to come, drawing on both local and international talent. South Africa's universities have a choice: to insulate themselves or to lead. The path forward is clear — leadership through knowledge, collaboration and a global vision. Dr Phethiwe Matutu is the chief executive of Universities South Africa.
Khaleej Times
30-05-2025
- Business
- Khaleej Times
Leo Cisotta on bridging Italian innovation and UAE opportunity
As Italiacamp EMEA celebrates the second anniversary of the Dubai Hub for Made in Italy in 2025, General Manager Leo Cisotta reflects on what has been more than just a growth journey — it has been the shaping of a bridge between two innovation-driven economies. Founded in 2023 within the Dubai World Trade Centre, the Hub was established with a clear objective: to accelerate the internationalisation of Italian small and medium enterprises (SMEs) in the UAE and wider region. Cisotta emphasised that the model is designed not simply to facilitate internationalisation but to ensure long-term, sustainable integration into one of the world's most competitive and fast-evolving markets. One of the most visible outcomes of this international shift is the Made in Italy Week in the UAE. Held in April 2025 in partnership with the Embassy of Italy in Abu Dhabi, the Consulate General of Italy in Dubai, and the Italian Cultural Institute, the multi-day initiative spanned Abu Dhabi, Dubai, and Sharjah. It was more than a showcase of Italian excellence — it was a reflection of a nation in motion. Each day's programming celebrated Made in Italy not only in manufacturing, fashion, and food, but also as a manifestation of research, art, creativity, entrepreneurship, and craftsmanship. Cisotta stresses that partnerships have played a defining role in the Hub's evolution. He cites new collaborations with Mohammed Bin Rashid Establishment for SME Development (Dubai SME) and the Sharjah Research, Technology and Innovation Park (SRTIP) as examples of how Italiacamp is embedding itself in the UAE's innovation ecosystem. These alliances aim to foster entrepreneurship, facilitate SME growth. 'These are not just institutional alliances but strategic collaborations aligned with the national priorities of the UAE,' he explains. He also points to the importance of focusing on key sectors where Italian excellence is globally recognised — such as technological advancements, artificial intelligence, industrial innovation, fashion, luxury, and sustainability. By enabling Italian companies to bring their identity and know-how into dialogue with the UAE's development goals, the Hub is creating a new framework for cooperation — one where tradition and innovation reinforce each other. Looking ahead, Cisotta remains focused on creating impact beyond the commercial. 'What we're building in the UAE is a strategic platform that leverages Italian excellence and Emirati vision to create long-term, regional value.' For Italiacamp, the UAE represents more than a market. It's a strategic crossroads where economic diplomacy, cultural identity, and innovation intersect. And through the Dubai Hub for Made in Italy, that intersection is becoming a permanent path forward. As the Hub looks ahead to new initiatives and expansion across the Gulf, Cisotta remains focused on anchoring the Made in Italy as a forward-looking driver of regional value. 'Italy's identity lies in innovation, and innovation itself is inherently Italian,' he notes. 'It's a mix of history, creativity, and the new things our country is capable of imagining, creating, and producing every day.' This philosophy—of blending culture, business, and education into a living, adaptive model—is at the heart of Italiacamp's presence in the UAE. According to Cisotta: 'The future of Made in Italy lies in our ability to merge deep-rooted heritage with forward-thinking innovation. Italy's strength is not only in its craftsmanship and cultural legacy, but in its capacity to lead in emerging fields — from digital transformation to advanced manufacturing. By aligning this evolving identity with the UAE's vision, we are shaping a model of collaboration that is resilient and future-ready.'
Zawya
26-05-2025
- Business
- Zawya
India's central bank seeks approval for overseas rupee lending to neighbours, sources say
NEW DELHI - India's central bank is taking another step to internationalise the rupee, seeking approval to allow domestic banks to lend the currency to overseas borrowers for the first time, two sources said. The Reserve Bank of India (RBI) has asked the federal government to allow domestic banks and their foreign branches to lend Indian rupees to overseas borrowers to enhance the use and acceptability of the local currency in trade. The proposal, which was sent to the finance ministry last month, suggests lending in rupees to non-residents can begin in neighbouring countries such as Bangladesh, Bhutan, Nepal and Sri Lanka, the sources said. If successful, such rupee-denominated lending could be extended to cross-border transactions globally, one of the sources said. According to Ministry of Commerce data, 90% of India's exports to South Asia were to these four nations in 2024/25, amounting to nearly $25 billion. Currently, foreign branches of Indian banks are restricted to providing loans in foreign currencies and such loans are extended mainly to Indian firms. The sources declined to be identified as the discussions are confidential. Emails sent to the Finance Ministry and the RBI requesting comment did not receive a response. The central bank has been taking steps to increase the use of the local currency in global trade and investment. As part of the strategy, RBI recently permitted the opening of rupee accounts for non-residents outside India. Earlier this month, Reuters reported the RBI has sought government's approval to remove the cap on foreign banks with so-called vostro accounts buying short-term sovereign debt, to boost rupee-denominated investment and trade. The RBI will open the foreign loans in rupees only for the purpose of trade, the sources said. Currently, rupee liquidity is provided in other countries only through a limited number of government-backed credit lines or bilateral currency swap arrangements. "The objective is to reduce dependence on such arrangements and instead allow commercial banks to provide rupee liquidity on market terms," the first source said, citing a communication from the central bank in April. The second source said enabling easier access to rupee-denominated loans will help facilitate trade settlements in rupees and reduce exposure to foreign exchange volatility. The government has received several requests from financial institutions to support strategic projects through rupee-denominated financing, the second source said. India's experience with local currency pacts with the United Arab Emirates, Indonesia, and the Maldives, as well as Special Rupee Vostro Accounts used for trade with Sri Lanka and Bangladesh, has underscored the need to deepen the availability of rupee liquidity, the source said. If implemented, the policy would mark a major step toward integrating the rupee into the global financial system, positioning it as a more widely accepted currency for international trade and investment, the second source added.
Yahoo
26-05-2025
- Business
- Yahoo
India's central bank seeks approval for overseas rupee lending to neighbours, sources say
By Shubham Batra NEW DELHI (Reuters) -India's central bank is taking another step to internationalise the rupee, seeking approval to allow domestic banks to lend the currency to overseas borrowers for the first time, two sources said. The Reserve Bank of India (RBI) has asked the federal government to allow domestic banks and their foreign branches to lend Indian rupees to overseas borrowers to enhance the use and acceptability of the local currency in trade. The proposal, which was sent to the finance ministry last month, suggests lending in rupees to non-residents can begin in neighbouring countries such as Bangladesh, Bhutan, Nepal and Sri Lanka, the sources said. If successful, such rupee-denominated lending could be extended to cross-border transactions globally, one of the sources said. According to Ministry of Commerce data, 90% of India's exports to South Asia were to these four nations in 2024/25, amounting to nearly $25 billion. Currently, foreign branches of Indian banks are restricted to providing loans in foreign currencies and such loans are extended mainly to Indian firms. The sources declined to be identified as the discussions are confidential. Emails sent to the Finance Ministry and the RBI requesting comment did not receive a response. The central bank has been taking steps to increase the use of the local currency in global trade and investment. As part of the strategy, RBI recently permitted the opening of rupee accounts for non-residents outside India. Earlier this month, Reuters reported the RBI has sought government's approval to remove the cap on foreign banks with so-called vostro accounts buying short-term sovereign debt, to boost rupee-denominated investment and trade. The RBI will open the foreign loans in rupees only for the purpose of trade, the sources said. Currently, rupee liquidity is provided in other countries only through a limited number of government-backed credit lines or bilateral currency swap arrangements. "The objective is to reduce dependence on such arrangements and instead allow commercial banks to provide rupee liquidity on market terms," the first source said, citing a communication from the central bank in April. The second source said enabling easier access to rupee-denominated loans will help facilitate trade settlements in rupees and reduce exposure to foreign exchange volatility. The government has received several requests from financial institutions to support strategic projects through rupee-denominated financing, the second source said. India's experience with local currency pacts with the United Arab Emirates, Indonesia, and the Maldives, as well as Special Rupee Vostro Accounts used for trade with Sri Lanka and Bangladesh, has underscored the need to deepen the availability of rupee liquidity, the source said. If implemented, the policy would mark a major step toward integrating the rupee into the global financial system, positioning it as a more widely accepted currency for international trade and investment, the second source added.
