COYLE proposes measures to propel Sri Lanka’s economic growth

To ignite positive change and enhance Sri Lanka’s economic standing, the Chamber of Young Lankan Entrepreneurs (COYLE) presented a comprehensive proposal aimed at laying the groundwork for stable policies and attracting quality investments. 

The COYLE’s visionary plan, backed by extensive research and comparative analysis, focuses on the key areas of concern and offers innovative solutions to overcome the challenges and drive long-term prosperity. The proposals have been officially handed over to MP Madura Vithanage, who has agreed to convey the contents with the necessary channels in Parliament, the COYLE said in a statement.

Vithanage shared that a programme would be formulated within the next three months to solve the problems of the businesses in the country. 

“Sri Lanka faces difficulties in crisis management but we must raise the bar and rise to the challenge. Therefore, we are taking the necessary steps to resolve this situation as soon as possible and I am pleased to present this proposal to Parliament on behalf of the COYLE,” he said.

Recognising the need for stability and bipartisan collaboration, the COYLE’s proposals advocate for the formation of high-level subcommittees comprising political and domain experts. These subcommittees, which should be protected by the Constitution, would then analyse and challenge ministerial acts and gazettes, ensuring transparency, accountability and the kind of well-informed decision-making that is necessary for progress. Leveraging the expertise of diverse professionals, the COYLE seeks to forge a path towards a more efficient and effective governance structure.

The COYLE acknowledges the positive economic conditions in the country but emphasises the importance of addressing the loss of credibility resulting from defaulting on obligations. To regain trust and attract quality investments, the COYLE highlights the necessity for stable policies that offer a proactive approach, rather than merely reacting to crises. By setting clear timelines, introducing self-compliance capabilities for new investors and upgrading standards to eliminate ambiguity, Sri Lanka can establish itself as a reliable and trustworthy investment destination.

Additionally, the COYLE’s proposals stress the need to revisit the existing laws, with a particular focus on dispute resolution and accountability. Currently, the absence of liability when ministers change policies on an ad hoc basis and the lack of law and order, pose significant challenges. The COYLE calls for personal accountability for ministers and government institutions, urging the enactment of laws that hold them liable for any damage caused. A strong culture of accountability in Sri Lanka can go a long way towards fostering an environment conducive to progress and development.

The COYLE’s proposal reflects the needs at a pivotal moment for Sri Lanka’s economic future. By championing stability, accountability and proactive decision-making, the COYLE aims to capitalise on the country’s potential, re-foster an environment of trust for investors to attract high-quality, long-term investments. The road ahead may be challenging but with the collective efforts of passionate individuals and the support of all stakeholders, the COYLE firmly believes that Sri Lanka can chart a course towards prosperity.