This week is a defining week in the Christie-led administration, preparing young Bahamians to compete in the global economy through higher education. From 2012, Prime Minister Perry Christie launched a bold agenda to strengthen the country's education system in the 21st century. Christie has also set a new goal for the country: That by 2030 The Bahamas would increase its graduation rate from 50 percent to 80 percent. The prime minister is achieving another milestone in education by transforming The College of The Bahamas into the University of The Bahamas putting higher education greater within reach for more young Bahamians.
The future of our country depends on the quality of education we give our citizens. A Bahamas that encompasses an educated citizenry is essential to our nation's prosperity. The bedrock of our advancement into the 21st century is our unwavering commitment to higher education for the future well-being of our people.
Preparing the University of The Bahamas for an era of change is essential to how this institution should respond to the challenge of profound economic, technological, social and political change. This university must now redefine itself as the country's educational incubator that harnesses the next generation of talented Bahamians. Rethinking our approach to diversifying the Bahamian economy requires us to make the University of The Bahamas an economic catalyst for the development of a knowledge-based economy.
The objectives of this transformation focus on providing education and learning through a variety of patterns, levels and modes of study and by a diversity of means; to promote research and embrace a constantly evolving technological infrastructure consistent with the standard required and expected of a university of the highest standard; to foster national, regional and international development by embracing technological innovation and advancing and disseminating knowledge.
The effects of globalization are increasingly being felt, causing us as a government to focus on the social relevance of higher education in a knowledge-based world where innovation has become a driving force for a country's survivability. Christie has a deeply rooted sense of commitment to improving student outcomes and restoring the educational potential of our country. In today's increasingly competitive regional economies in the Caribbean and Latin America, there is a demand that we respond to public policy ideas commensurate with the challenges of the 21st century.
Our government's strategy to improving the quality of education reflects our sound judgment that long-term prosperity is best achieved by fostering economic growth from a people-oriented approach leveraging broad participation in that growth, by enhancing individual economic outcomes. We continue to extract the potential of education reform to reinvigorate our existing system of education.
Education has always been a major driving force in our quest to promote social mobility for the Bahamian people. Education must be the tool to heal the conflicts of our society, being the garment of nation building. The prime minister understands his duty to protect and rebuild higher education in The Bahamas. In the critical juncture of our nation's development, he remains anchored in his dedication to value and affordability of higher education.
The University of The Bahamas is required to thrive, compete and bring new relevance and meaning to the value of university in the 21st century. Young Bahamians must know in a competitive economy that a college degree has never been more valuable. The notion that education is not a prerequisite to succeed in The Bahamas has undermined the foundation of meritocracy in our country. Although earning a high school diploma is "vitally necessary", it "is not sufficient" to succeed in today's economy.
It is evident that if we are going to achieve long-term economic growth, the University of The Bahamas must be the center of research development. Research and development must be utilized to enhance our public policy, applying reasoning and judgment to the decision-making process. The role of knowledge in comparison to natural resources, physical capital and low skill labor has taken on greater importance in the national development our people and country.
The investment in a knowledge-driven society should overtake the investment in physical capital. The capitalization of knowledge and the talents of our people will play a predominant role in the creation of wealth and ownership of our economy. Our country's ability to create, acquire, disseminate and apply knowledge will be vital to sustaining its economic growth. It is the prime minister's belief that the University of The Bahamas once established will further its efforts in channeling towards enhancing our country's national innovation systems, entrepreneurship and education capabilities.
This higher education institution will be a competitive asset and will help us better leverage the role of higher education in achieving economic prosperity, particularly in the areas of community revitalization and national rejuvenation. The environment at the University of The Bahamas will be one that educates, inspires and empowers leaders to apply their exponential talents to address our country's grand challenges. The university will be an apparatus that cultivates young men and women who will dedicate themselves to correcting the social ills of their citizens and improving the prospects of their well-being.
While our efforts to transform The College of The Bahamas to university may be progress, the government is encouraging more less fortunate children to go to university; and second, financing their education through scholarships to narrow the inequalities in the educational system. This institution will be uniquely positioned to spur our national revival. Christie understands the role of education in the social mobility of young Bahamians. For many Bahamians education has provided the means to a better job and a better life.
Our education system must deliver what is needed for young Bahamians to succeed. There's no doubt that the University of The Bahamas will play a critical role in driving The Bahamas' economic future and will occupy a key position in our economy. This institution will deliver many shared priorities with the government. The prime minister is concentrating on the ability of this university to influence the local economy because it is particularly important in a knowledge-led economic recovery.
The College of The Bahamas, which will be transformed into the University of The Bahamas, will be charged to change and align its role to respond proactively to the needs of Bahamian students, our communities and society. Christie has always seen higher education as the foundation of our social progress. Creating an intellectually stimulating campus will make the University of The Bahamas the hub of solutions to the challenges our country confronts.
This transformation reaffirms this government's commitment to making the University of The Bahamas the driver of socio-economic development. The role of this university in the country's development is of paramount importance to the success of poverty reduction strategies and strengthening our educational system capacity dramatically.
The University of The Bahamas will be essential if we are to develop into a modern knowledge society. Our country's economic growth and the improvement of people's welfare require the availability of highly skilled professionals and a capacity in society to innovate and to adapt technologies and knowledge in each national context. Therefore, the University of The Bahamas will dramatically need to improve their ability to respond to current challenges and the rapid transitions following changes in our country's economic, social, cultural, political development. The University of The Bahamas has the potential to strengthen both our nation's public and the private sectors.
Our national governance structures and civil society organizations will benefit significantly from the University of The Bahamas. The continued development of this higher educational institution will provide the highly skilled workforce needed for private sector development. The potential of young Bahamians can be realized through larger investment in our educational intuitions. If our country is to develop into a stable and prosperous nation, the support of a well-managed research and higher education institution will need to be an integral part of a long-term strategy for development and growth.
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