COYLE aims to spread wings to 30 countries over next 10 years

By Nishel Fernando 

The Chamber of Lankan Entrepreneurs (COYLE) aims to expand its presence into thirty countries over the next ten years in a bid to take Sri Lankan brands global. 

“Most of the entrepreneurs are scared to enter the global market because they don’t know how the legal system works; they don’t know how to secure a warehouse etc. So, the aim of this initiative is to create more global brands by supporting Sri Lankan entrepreneurs,” COYLE Chairman Thushira Raddella told reporters in Colombo last week.

Already, COYLE has opened a 20,000 square feet warehouse in Los Angeles (United States) and efforts are underway to open a 10,000 square feet warehouse in Dubai (UAE). The both warehouses were given on volunteer basis by COYLE members.

“Every year, our plan is to add three countries. So, in ten years time, we will have COYLE in 30 countries. Actually, the whole vision of going global is to strengthen our foreign missions as well. In that case, we will be connecting all our Sri Lankan entrepreneurs overseas with Sri Lanka. Also, we can rely on our brothers in other countries to get information including critical market information,” Raddella added.

He noted that Sri Lankan entrepreneurs can apply for warehouse space where initial three months will be free-of-charge in these locations. 

“It will be free-of-charge for the first three months. There will be a charge after three months, but of course, for an entrepreneur, three months is more than enough to get a feel of business that they are trying to do in those counties,” he added.

COYLE plans to expand this initiative to India, Indonesia and Philippines next year.

Meanwhile, COYLE is also planning to open an entrepreneur development centre and a lounge with a Rs.40 million investment in Colombo.  In addition, COYLE has also launched island wide entrepreneurship programmes targeting schools. D.S. Senanayake College has been chosen for the pilot  programme. COYLE membership currently generates combined Rs.750 billion revenue, employing 300,000 direct employees and providing over two million indirect employments.