ILO, CBSL join hands to create favourable ecosystem in SL for entrepreneurs

In an attempt to promote entrepreneurship among the youth of Sri Lanka, the International Labour Organisation (ILO) collaborated with the Central Bank of Sri Lanka this week to explore avenues that would help create a favourable ecosystem to build new businesses.

Dr. Nandalal Weerasinghe	Simrin Singh PIX BY PRADEEP DILRUCKSHANA

Also in partnership with the Office of the Governor of the Northern Province and Ceylon Chamber of Commerce, the entities kicked off the National Policy Symposium to generate greater private sector investments in the island nation. 

With a regional and sectoral focus, the symposium brought to the forefront challenges, insights and interventions towards creating a favourable ecosystem for enterprise development and investment promotion in the country. The symposium is a joint initiative between two ILO flagship projects: Local Empowerment through Economic Development and Reconciliation (LEED+) and South Asia Leadership in Entrepreneurship (SALE).

“It recognised that shifting the perception of entrepreneurship from a last resort to a preferred career option is essential for sustainable economic development.

Creating a favourable ecosystem for enterprise development should have a sectoral and regional focus, taking into account the unique characteristics and opportunities of different industries and areas,” said CBSL Governor Dr. Nandalal Weerasinghe addressing the event this week. 

According to the ILO, the symposium comes at a crucial time where Sri Lanka is exploring pathways to accelerate economic growth. 

“For the country to move towards a job-rich and inclusive recovery, creating an enabling environment for investments at regional and provincial levels, taking into account area-specific challenges and opportunities as well as promoting entrepreneurship is critical,” said ILO Country Director for Sri Lanka and the Maldives Simrin Singh.

Discussions at the symposium underscored that both the government and other ecosystem players, including development sector entities and private sector, have a crucial role to play in supporting emerging start-ups and promoting business resilience. It asserted the need to have the necessary support and guidance for upcoming start-ups to thrive and contribute to the overall economic recovery of Sri Lanka.