By Nuzla Rizkiya

Sri Lanka has made remarkable progress in promoting entrepreneurship, as the country has been ranked fourth on the Global Entrepreneurial Network (GEN) Leaderboard, according to the Information and Communication Technology Agency (ICTA).

The ranking marks a significant milestone in economic recovery, as Sri Lanka has risen by three spots from the seventh place last year, noted ICTA Associate Chief Digital Economy Officer Sachindra Samararathne, who attributed the improvement to the supportive environment available for entrepreneurs starting at a very early stage.
“More universities are engaged, which means a conducive environment is being built for entrepreneurs at university level. With these strong partnerships, especially with the government entities, we hope we can inspire more entrepreneurs and create the environment they deserve,” Samararathne said. He shared the update during the official launch of Global Entrepreneurship Week (GEW) 2024, held yesterday at the Ceylon Chamber of Commerce in Colombo.

Citing a Mirror Business report, he also highlighted the 18 percent year-on-year increase in new business registrations in Sri Lanka, where 19,784 new businesses were incorporated between January to September 2024.
Samararathne stated that this increase signals the growing confidence among entrepreneurs and a rising interest towards entrepreneurial ventures in the country since the economic crisis in 2022.

The GEN Leaderboard, compiled by the GEN, evaluates and ranks countries for their efforts in promoting entrepreneurial ecosystems and participation in global initiatives.

The network’s fellowship initiatives such as the GEW helps member countries encourage entrepreneurship by providing platforms for entrepreneurs to connect, share ideas and gain valuable resources and mentorship for their business ventures.