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, 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 an 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 in the country since the economic crisis in 2022. The GEN Leaderboard evaluates and ranks countries based on their entrepreneurial environment and progress.
Sri Lanka climbs GEN leaderboard
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. GEW, organised by the Global Entrepreneurship Network and founded in 2007, is an annual celebration that spans nearly 200 nations, forging meaningful economic ties, exchanging invaluable insights, and nurturing the resilience that fuels global advancement.
Every November, collaborators worldwide join forces to provide extensive seminars and workshops to guide emerging entrepreneurs. The event in Sri Lanka, themed “Entrepreneurship is for Everyone,” aims to embody the dynamism and creativity that entrepreneurship offers to the world. It celebrates achievements across various industries through collaboration with investors, researchers, and experts.
In his welcome address, Samararathne thanked the GEN and sponsors for supporting ICTA’s efforts in hosting this year’s GEW. He emphasized the remarkable potential of entrepreneurship to address urgent socioeconomic challenges, strengthen economic resilience, and promote solutions across multiple sectors. The week-long event features over 200 planned activities, 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.
