By Bernadette H. Carreon
Horizon news staff

An economist from the Office of the Insular Affairs of the United States Department of Interior said that knowledge should be the basis of new economy.
Wali Osman in his keynote address during the first day of the Economic Symposium yesterday said that although smallness can be a disadvantage due to lack of resources, this could be possible through cooperative efforts with the country’s neighbors.
Osman said Palau needs institutions of higher education that would equip students of all ages to enter the job market and get employment.
"Yes higher education is costly and that is why the search for resources has to be conducted as careful as possible," Osman said.
He suggested that a University of West Pacific could be a start to support a major institution of higher learning that could propel the economy through knowledge.
Osman also recommended that a scholarship program that will provide opportunities to students from Palau to attend a college in the United States is another alternative to gain knowledge.
He said this may work if there is a provision that these students return and work in Palau in their areas of expertise.
A regional training may also be set up.
"Education as an industry has the advantage of being an employer, especially for gifted persons as well as the agent of enlightenment, as such , it offers a complementary path to future economic growth, development and diversification." Osman said.
He said America’s success came from its "knowledge universe" especially institution of higher education.
"Knowledge not only expands one’s horizon and the capacity to understand others and the surrounding environment, it also enlarges one’s capacity to think as they say, outside the box. Knowledge makes it easier to push beyond the boundaries of one’s surroundings and get farther and farther from one’s center of gravity, whether that is one’s home, village, city even a country," Osman said.