Sri Lanka targets 10% entrepreneurship rate by 2030: Minister

Colombo, June 10 (Daily Mirror) - Sri Lanka aims to significantly expand its entrepreneurship base, with the government setting an ambitious target to raise the country’s entrepreneurship rate from the current 3.2 percent to 10 percent by 2030, Minister of Industry and Entrepreneurship Development Sunil Handunnetthi said.

He noted that the government is implementing initiatives across 27 industrial sectors to achieve this goal, as part of a broader strategy to strengthen enterprise development and economic transformation.

The minister made these remarks while addressing a National Conference on empowering Sri Lanka’s Micro, Small and Medium Enterprises (MSMEs), held today (10) at the Colombo District Secretariat in Colombo 05. The event was organised by the National Enterprise Development Authority (NEDA), operating under the Ministry of Industry and Entrepreneurship Development, in collaboration with the University of Peradeniya.

Held under the theme “Empowering Sri Lanka’s Micro, Small and Medium Enterprises (MSMEs): Challenges, Opportunities and the Way Forward”, the conference focused on policy directions, institutional support, and strategies to enhance the competitiveness and sustainability of the MSME sector.

MSMEs, widely regarded as the backbone of Sri Lanka’s economy, play a key role in job creation, innovation, regional development and poverty reduction. However, speakers at the conference noted that the sector continues to face challenges amid recent economic pressures, highlighting the need for stronger policy and institutional backing.

The conference also featured the presentation of a joint study by the University of Peradeniya and NEDA, based on 1,000 MSMEs in the Central Province. The research examined financial sustainability, viability, and crisis-response mechanisms, offering insights for future policy formulation.

In addition, the publication “MSME Empowerment in Sri Lanka: Challenges, Opportunities and the Way Forward” was launched, highlighting key issues affecting entrepreneurship development and long-term sector resilience.

A new Sri Lanka Enterprise Climate Index (SLECI), jointly developed by the University of Peradeniya and NEDA, was also introduced. The index is expected to map regional disparities in MSME access to finance, markets, technology, skills and institutional support.

The event was attended by NEDA Chairman Lakshman Abeysekara, Director Dhanuka Liyanagamage, University of Peradeniya Vice-Chancellor Senior Professor Terence Madhujith, senior academics, policymakers, financial institutions, industry leaders and entrepreneurs.