The former Finance Minister of Sri Lanka, Ravi Karunanayake, has announced that the government is taking steps to promote entrepreneurship among the youth by facilitating access to credit in the form of seed capital to start their own businesses and startups.
With a youth population of 4.64 million, comprising 23.2% of the total population, the government sees the youth as a driving force for economic growth and a flourishing entrepreneurial ecosystem.
Karunanayake emphasized the need to simplify the process of doing business, which was a priority of the previous government. However, he expressed concern that successive governments had implemented short-sighted policies that hindered the country’s economic progress.
He stressed the importance of eliminating bureaucratic red tape and reducing obstacles to enable young entrepreneurs to successfully establish and operate their ventures.
The government aims to empower at least one million young entrepreneurs by providing them with seed capital for innovative startups in urban areas and business ventures in rural areas. This will involve simplifying business processes and creating a conducive environment for young entrepreneurs to thrive in the country.
President Ranil Wickremesinghe has also expressed his commitment to the youth, providing them with technical support, financial assistance, and other services to help them establish themselves in the business world. He has directed the establishment of regional youth centres to empower the youth population and involve bank executives and trade board members in the process.
In addition to supporting startups, the government is also focusing on the agriculture sector, which presents numerous business and investment opportunities. There are plans to develop and upgrade the agriculture industry to meet global standards, attracting foreign businesses and investors to explore opportunities in the sector.
The government aims to transform subsistence farming into commercially oriented agribusiness, improve the income of rural farmers, facilitate commercial partnerships, and attract youth into commercial agriculture.
Overall, the government’s initiatives are geared towards fostering a more business-friendly environment, providing support for young entrepreneurs, and creating opportunities for economic growth and development in Sri Lanka.