Sri Lanka has made remarkable progress in promoting entrepreneurship, achieving the fourth position on the Global Entrepreneurial Network (GEN) Leaderboard, according to the Information and Communication Technology Agency (ICTA). This ranking marks a significant milestone in the country’s economic recovery, as Sri Lanka has risen by three spots from seventh place last year. ICTA Associate Chief Digital Economy Officer Sachindra Samararathne attributed the improvement to the supportive environment available for entrepreneurs from a very early stage.
“More universities are engaged, which means a conducive environment is being built for entrepreneurs at the university level. With these strong partnerships, especially with government entities, we hope we can inspire more entrepreneurs and create the environment they deserve,” Samararathne said. He shared the update during the official launch of Global Entrepreneurship Week (GEW) 2024, held at the Ceylon Chamber of Commerce in Colombo.
Samararathne also highlighted an 18 percent year-on-year increase in new business registrations in Sri Lanka, with 19,784 new businesses incorporated between January and September 2024. He stated that this increase signals growing confidence among entrepreneurs and a rising interest in entrepreneurial ventures in the country since the economic crisis in 2022. The GEN Leaderboard evaluates and ranks countries based on their efforts in promoting entrepreneurial ecosystems and participation in global initiatives.
Sri Lanka’s entrepreneurship ascent
The network’s initiatives, such as GEW, help member countries encourage entrepreneurship by providing platforms for entrepreneurs to connect, share ideas, and gain valuable resources and mentorship for their business ventures. GEW, organised by the Global Entrepreneurship Network and founded in 2007, is an annual celebration of young entrepreneurs globally.
It spans nearly 200 nations, forging meaningful economic ties, exchanging invaluable insights, and nurturing the resilient entrepreneurial spirit that fuels global advancement. Every November, collaborators worldwide join forces to provide extensive seminars and networking events to guide emerging entrepreneurs. The event in Sri Lanka, themed “Entrepreneurship is for Everyone,” aims to embody the inclusivity and creativity that entrepreneurship offers to the world.
It celebrates and empowers entrepreneurs across various industries through collaboration with investors, researchers, and experts. In his welcome address, Samararatne expressed gratitude to the GEN and sponsors for supporting the ICTA’s efforts in hosting this year’s GEW. He emphasised the remarkable potential of entrepreneurship to address urgent socioeconomic challenges, strengthen economic resilience, and promote sustainable solutions across multiple sectors.
The week-long event features over 200 events and activities planned, uniting visionary thinkers, innovative minds, and business professionals across all 25 districts of Sri Lanka. Supported by over 100 ecosystem partners and over 20 universities, this dynamic initiative seeks to engage more than 20,000 participants this year.
