By:Staff WriterColombo (LNW): The Chamber of Young Lankan Entrepreneurs (COYLE) is rallying countywide businesses under the Alliance of Lankan Entrepreneurs Chamber “(ALEC) Unit and Rebuild” banner.
COYLE organized a special forum where entrepreneurs from all scales and backgrounds in Sri Lanka came together under ALEC.
The gathering focused on the strength of unity among entrepreneurs and the need for stable policies to foster business growth and economic expansion in the country. The Chief Guest at the event was Peoples Bank Chairman Sujeewa Rajapakse.
COYLE Chairman Rasith Wickramasinghe addressing the meeting highlighted the importance of stable policies.
He emphasized the detrimental effects of continual and often arbitrary fluctuations in policy making, stressing the responsibility of entrepreneurs to impart and disseminate knowledge for the welfare of their employees.
The organization advocates for service development and improvement, grounded in core values of empowerment and sustainable economic development.
Its efforts cover a range of sectors including textiles, IT, Construction, Manufacturing, Financial Services, Pharmaceuticals, Power and Energy, driven by its firm view that global business opportunities, in terms of imports and exports, remain heavily untapped by Sri Lanka.
ALEC President Nishan Wasalathanthree at the meeting shared the history and purpose of ALEC. Founded to represent Sri Lankan entrepreneurs,
ALEC aims to create one voice for all entrepreneurs to face, mitigate and eradicate obstacles standing in the way of progress.
Over the years COYLE has formalized agreements with various regional bodies facilitating networking, and the management of various industry related issues. COYLE, with the creation of ALEC presently includes 28 such bodies with the master plan of connecting members throughout all 9 districts.
ALEC Secretary Yasas Chandrasekara, stressed the significance of entrepreneurs in the economy, and the need for a robust amalgamated chamber like COYLE to voice their concerns to the Government. He pointed out that despite contributing to foreign exchange, Sri Lankan entrepreneurs face challenges due to the absence of coherent foreign exchange policies.
Chief Guest Sujeewa Rajapakse took the opportunity to discuss the crucial role of the banking system in stabilizing the nation’s economy. He addressed serious concerns laid out by the gathering in terms of the lack of support for the SME sector.
While the Central Bank has been reducing interest rates, state and private sector banks have not been able to transfer the benefits to customers.
He cited among others, the fundamental problem being high prevailing counter interest costs caused by the high fixed deposit rates offered during the previous year to attract monies inward.
The gathering urged the Peoples Bank chairman to share the concerns with his colleagues, particularly the detrimental state the economy is facing due to the lack of support, as well as the stagnation caused by the banking sector.