ISLAMABAD, March 26: Federal Minister for Finance Dr Abdul Hafeez Shaikh has called upon the universities to explore ways to attract investments.

He was speaking at the inaugural session of the 10th Vice Chancellors’ Committee Meeting, organised by the Higher Education Commission (HEC), in Islamabad on Monday.

Vice Chancellors and Rectors of over 130 universities are participating in the two-day meeting.

The minister said that investment in the higher education had resulted in the generation of employment, initiation of research relevant to socio-economic needs and meeting industry’s requirements.

He said degrees awarded by universities must be worthwhile in the job market. “Before a student takes admission in any programme, he must know the potential of that degree course. And our universities should also have a mechanism for measuring and rewarding excellence and there should be a difference between performers and non-performers,” he said.

The Minister emphasized that the available infrastructure of the universities must be utilised to the fullest. He said that HEC should strengthen the existing campuses. He underlined the significance of public-private partnerships.

He also urged the HEC and the Vice Chancellors to engage the provincial governments for funding the higher education sector, ensuring at the same time that no other institution will get more priority than the higher education institutions. He also floated the idea of student loans.

Chairperson of the HEC Dr Javaid R. Laghari said that the modern university, with its mix of teaching, innovation and research, was different from the universities of the yesteryears that only served as teaching grounds. “By introducing innovation, creativity and interdisciplinary research as a vital component of teaching, and with knowledge exchange programmes, the university contributes more directly to the economy and society than any other institution,” he said.

Dr Sohail Naqvi, Executive Director, HEC, said that the aim of this gathering of university heads was that “We will educate this nation”.

He said that the higher education had taken root in Pakistan and universities were transforming communities.

Earlier, in his address of welcome, Syed Imtiaz Hussain Gillani, Chairperson, Vice Chancellors’ Committee and Vice Chancellor, KP University of Engineering and Technology, Peshawar said that the budget for higher education should be four per cent of the GDP.