Sri Lanka witnesses 18 % growth in entrepreneurial businesses
As Sri Lanka is witnessing a tremendous growth on start-ups and small and medium scale enterprises, the country’s entrepreneurial businesses have grown by 18 per cent till September 2024, compared to last year.
Data shows that during the third quarter of 2024 alone, around 7,100 new businesses were registered representing a 15 per cent year-on-year increase. During the period from January to September 2024, around 19,000 businesses were incorporated marking a striking 18 per cent growth compared to the same period in the previous year.
This data was revealed last Monday at the ‘Global Entrepreneurship Week’ (GEW) launch held at the Ceylon Chamber of Commerce in Colombo. ‘Entrepreneurship is for Everyone’ is the theme for this year that resonates deeply, emphasising the extraordinary capacity of entrepreneurship to confront pressing challenges, enhance economic resilience, and advocate for sustainable solutions across a multitude of sectors.
Global Entrepreneurship Week, Ambassador and Information and Communication Technology Agency (ICTA), Chief Digital Economy Officer, Sachindra Samararatne stressed, “In
Sri Lanka, district wise entrepreneurs are been recognised and many activities are conducted island-wide to boost entrepreneurship. Sri Lanka is ranked number four in terms of activities conducted for entrepreneurs globally.”
Lanka Impact Investing Network, Investor and a well-known entrepreneur, Harsha Purasinghe, in his remarks emphasised that entrepreneurship is not about solving problems and building businesses, but having the right entrepreneurial mindset. “If you are determined to do anything with the right mindset, there is always a way forward. You need to have the emotional and financial pressure to learn everything the hard way. I learnt a lot in my life, since I was 19 years old, from trial and error. We as entrepreneurs are committed to take the start-up ecosystem in Sri Lanka to another great level,” he noted.
PickMe, Founder and CEO, and a board member of ICTA, Zulfer Jiffry stated that entrepreneurship is a journey. “A country can only develop with entrepreneurs in the right entrepreneurial mindset. As experienced entrepreneurs we need to pass down the knowledge to the younger generations. We are working towards removing all the red tapes in the government and take them out, and allow entrepreneurship to thrive in the country,” he noted.
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