By: Staff Writer

November 19, Colombo (LNW): Sri Lanka’s government plans to consolidate over 50 ICT-related bodies under a single authority, according to National Enterprise Development Authority Director,

Dhanuka Liyanagamage. Speaking at the launch of the Global Entrepreneurship Week 2024 (GEW) at the Ceylon Chamber of Commerce, he emphasized the need for streamlined operations among these organizations. “Currently, some of these institutions, either intentionally or unintentionally, operate as rivals,” he noted.

Harsha Purasinghe, Chairman and CEO of Microimage, announced that a new Digital Economy Authority is being established to unify these bodies.

 The first board meeting for this initiative took place last week. By centralizing ICT efforts, the government aims to increase productivity and efficiency in the sector, ultimately benefiting the country.

However, Liyanagamage expressed concern over Sri Lanka’s low rate of entrepreneurship, with only about 3% of the working population engaged in entrepreneurial activities.

This figure lags behind neighboring countries like Bangladesh, where the rate stands at 7%. Liyanagamage emphasized the need to raise Sri Lanka’s entrepreneurial participation to at least 10% within the next three to five years.

He also highlighted the importance of increasing financial literacy, particularly among small and medium enterprises (SMEs), to bridge existing gaps. To address this, awareness programs are being planned to help boost entrepreneurial skills.

Sandun Hapugoda, Mastercard’s Country Manager for Sri Lanka and the Maldives, underscored the critical role of SMEs and micro, small, and medium enterprises (MSMEs) in the economy, as they make up 19% of all businesses.

Supporting these entities is crucial, he said, as embracing digital solutions could expand their market reach, both locally and internationally.

Through initiatives like the Mastercard Centre for Inclusive Growth, the company has supported 14 million businesses globally over the past five years, with 60% of them owned by women.

The year 2024 has already shown promising signs for entrepreneurship in Sri Lanka. In the third quarter alone, 7,143 new businesses were registered, reflecting a 14.37% year-on-year increase. Between January and September,

19,784 businesses were launched, marking an 18% growth compared to the same period last year. This progress signals a steady recovery from the economic challenges of 2022.

GEW 2024, themed “Entrepreneurship is for everyone,” will feature over 200 events throughout Sri Lanka’s 25 districts. Supported by more than 100 ecosystem partners and 20 universities, the initiative is expected to draw over 20,000 participants.

The week-long celebration will provide a platform for sharing ideas, forming valuable connections, and honoring the entrepreneurial spirit that drives global development.