Government launches Rs. 300mn entrepreneur initiative in Eastern Province

By Nishel Fernando

As part of a national initiative to nurture 15,000 new entrepreneurs, the government has launched a programme in the Eastern Province with an investment of Rs. 300 million. 

The scheme was inaugurated by the Minister of Industry and Entrepreneurs Development Sunil Handunnetti, during a ceremony held in Batticaloa on the 30th of last month. This initiative is designed to develop a comprehensive growth framework for micro and small enterprises across the nation. It is primarily supported by the Regional Development Bank (RDB) and the National Enterprise Development Authority (NEDA), focusing on providing essential resources and support to enhance the capabilities of these entrepreneurs.

The programme seeks to create one entrepreneur in each of the 14,022 Grama Seva Niladhari divisions, ensuring widespread participation and opportunity. 

Special emphasis is placed on empowering women and young entrepreneurs to engage in key sectors, including fishing, agriculture, animal husbandry and various industries. In addition to promoting entrepreneurship, the initiative will offer extensive training, assistance in developing new technologies, and access to market opportunities tailored specifically for budding entrepreneurs. 

This is to ensure they are equipped with the necessary tools to succeed in the competitive global market. The project will cover 150 Grama Seva Niladhari divisions in the Eastern Province as part of the Rs. 300 million allocation.

During the inauguration, Minister Handunnetti pledged the government’s commitment to supporting entrepreneurs through every stage of their journey, from production to exporting their products globally. The Ministry of Industries is collaborating with several organisations including NEDA, Industrial Development Board (IDB), National Student Councils, National Crafts Council, National Design Centre, Laksala, the Small Enterprises Development Institution and the Export Development Board (EDB) among others. Following multiple crises that resulted in a record number of bankruptcies of MSMEs, Sri Lanka’s entrepreneurs, particularly those in the MSME sector, continue to encounter significant challenges, including high debt repayments, limited access to working capital, bureaucratic hurdles, high taxation, and complex regulatory environments.