The University of Technology (Unitech) is taking steps toward financial sustainability and closer private sector collaboration. The Vice Chancellor (VC) of Unitech, Dr. Albert Schram, has urged universities to explore methods of revenue generation to fund operations and reduce expenses.
Speaking at a breakfast hosted by the Lae Chamber of Commerce (LCC), Dr. Schram highlighted that the critical challenge for the nation’s universities is transitioning toward a sustainable model of financing. This shift necessitates that universities commercialize their assets, cut costs, and potentially rationalize their curriculum.
In a move aimed at strengthening university-industry collaboration, LCC President Alan McLay announced that Unitech has become the newest member of the LCC. This marks the first time the university, which was established in the 1970s, has joined the Chamber. McLay noted this as a positive development, considering that the majority of Unitech’s graduates find employment within the private sector. The VC’s proactive effort to join the LCC is specifically intended to forge closer relationships with the private sector.