Ambassador A.Martirosyan participated at the First International BRICS Education Conclave

21 May, 2016

On May 20, the Asia Pacific Institute of Management, New Delhi organised the First International BRICS Education Conclave, which was attended by the representatives of the diplomatic corps, India’s higher education system policy makers, academia leaders, politicians, businessmen and students.

The Secretary General of the BRICS Chamber of Commerce and Industry Dr. Madhukar opened an inaugural session.

Ambassador of Armenia Armen Martirosyan delivered his welcoming speech.

"First off, I would like to welcome the participants of the first Int`l BRICS Education Conclave and express my appreciation for the invitation to address this distinguished audience. consider this event a good occasion to once again underline the role of education in emerging markets, some of which constitute BRICS as such.

As is now well recognized, emerging markets are different from developed markets in that they represent underfunded growth opportunities. The limited capacity of financial markets in these countries is a core problem, which necessitates active engagement of multinational corporations and foreign portfolio investors to help fund the shortages facing local businesses. However, the flow of capital to these markets is stunted by a number of inefficiencies and restrictions, one of which is the lack of human capital.

According to the modern growth theory, human capital is an important contributor to economic growth and poverty reduction, and it`s natural that individuals with better education tend to have higher chances for employment, greater earnings, and produce more output than those who are less educated. Therefore, both governments and households invest substantial portions of their resources in education, with the expectation that higher benefits will accrue over time.

The concept of human capital is relatively more important in labor-surplus countries, and India in particular. The surplus labor in these countries is the human resource that exceeds the tangible capital resource, and this raw human resource can be transformed into human capital through effective inputs of education, health and moral values.

Therefore today, educational institutions and especially universities, assume a bigger responsibility in building a human capital. Nowadays companies are more demanding towards potential employees and look for individuals with outstanding competencies, knowlege creativity and cognitive abilities. In the 21^st century, human capital is a determinant link between innovation, competitiveness and growth. In the emerging international order, the source of power and the status of states is going to be defined not by natural resources or number of warheads in their possession, but instead by their ability to acquire new knowledge and implement innovations in all fields of human activity.

With that end in view, the government of Armenia attaches utmost importance to the development of affordable and competitive higher education. The American University of Armenia, the only one in the Commonwealth of Independent States, the Armenian-Russian University, the French University, the European Regional Educational Academy, and the recently opened branch of the Moscow State University enable the youth of Armenia and thousands of foreign students, including students from India, to receive a high quality education. As a result, according to the Report on Human Capital Index-2015, published by World Economic Forum, Armenia ranks 43^rd; Finland and Yemen are placed first and 124th respectively. Surprisingly, India came in at only 100^th place. Despite India`s academic potential and centuries old history in higher education, the fact remains that the achievements of Indian universities do not meet our expectations. India has undoubtedly experienced impressive growth in higher education since its independence. The number of universities has increased by a factor 36, from 20 to 720, and the number of colleges from 500 to 45,000. This accomplishment has made India the largest higher education system in the world and second in terms of student enrollment.

In the meantime, India`s economy is expected to grow at a fast pace, with industry and service sectors contributing 90% of the country`s GDP by 2030, which will in turn require a skilled workforce of 250 mln. Therefore, a multitude of complex and multifaceted challenges existing at all levels of education in India, have to quickly find comprehensive solutions in order to live up to aspirations.

Armenia has been a destination for Indians seeking a higher education ever since 1985. Today, there are approximately 900 Indian students in Armenia, most of who study at the Medical University. In addition to the renowned Yerevan State Medical University, other universities have developed highly competitive departments, which equip students with the skills and knowledge sought for in modern labor market. We welcome all Indian students who strive to obtain a high quality education, and explore the exceptionally fascinating corner of the world that is Armenia. The Embassy of Armenia to India pledges do everything within its jurisdiction to aid those who are interested in pursuing their studies in Armenia".

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