In the wake of the economic upheaval causing widespread poverty and financial struggles for many Sri Lankans, former Minister of Finance Ravi Karunanayake has unveiled the government’s initiatives to promote entrepreneurship among the youth of the country. With a population of 4.64 million, constituting 23.2 percent of the total population, Sri Lanka’s young individuals are regarded as the drivers of entrepreneurial expansion and economic prosperity in the nation.
Karunanayake emphasized the urgent need to improve the ease of conducting business, a priority identified as early as 2016. During his term as Finance Minister, he took measures to generate one million jobs through public-private partnerships, with the goal of easing restrictive policies and ensuring the private sector played a pivotal role in the country’s economic progress.
However, he observed that subsequent administrations had implemented short-term policies with adverse effects on the country’s economic well-being. In response, the government is now positioned to empower young entrepreneurs by eliminating bureaucratic obstacles and streamlining processes for establishing and operating businesses.
As part of these efforts, significant reductions in mandatory licences and permits have been enforced, demonstrating a commitment to fostering a more business-friendly environment that supports the aspirations of young entrepreneurs. Karunanayake also emphasized the importance of acknowledging the positive contributions of the country’s youth and redirecting public attention towards harnessing their potential for societal advancement.
Furthermore, President Ranil Wickremesinghe has consistently emphasized empowering the younger generation to take the lead, by providing technical support, subsidies, financial aid, and other essential services to facilitate their involvement in the business arena. To achieve this, the President has advocated for the establishment of regional youth centres in each Divisional Secretariat division, with the aim of nurturing promising entrepreneurs and involving bank executives and trade board members in the process.
Looking ahead, the government is considering initiatives to empower at least one million aspiring young entrepreneurs by providing seed capital for innovative startups in urban areas and business ventures in rural areas. Karunanayake stressed the crucial role of simplifying business processes and fostering an environment conducive to the entrepreneurial spirit of young people.
In addition to supporting entrepreneurship, the government is prioritizing the development and modernization of the agriculture sector to align it with global standards. This initiative aims to create a conducive business environment for foreign businesses and investors interested in exploring opportunities in Sri Lanka’s agriculture sector.
By focusing on public-private-producer partnerships, the government seeks to empower farmers by transitioning them from subsistence farming to commercially oriented agribusiness, improving their income, and attracting young individuals to engage in commercial agriculture.
In conclusion, Sri Lanka’s efforts to promote youth entrepreneurship and enhance credit accessibility demonstrate a commitment to creating an environment that nurtures the potential of its young population. Through these initiatives, the government aims to not only stimulate economic growth but also provide sustainable pathways for the country’s youth to contribute positively to society.