In a welcome move, President Ranil Wickremesinghe yesterday via his 2023 Budget speech called for due recognition of and support for entrepreneurs.
“Private entrepreneurs in our country continued to grow from the mid-19th century to the mid-1950s. But with the nationalisation of their businesses, private entrepreneurship in Sri Lanka almost completely collapsed. As a result of the open economy introduced in 1977, there were again private entrepreneurs, but they were not adequately provided with the necessary facilities,” President said.
“Many people in the country did not look at entrepreneurs with a good attitude. Entrepreneurs who contribute to the country›s economy are considered villains.
“In most of the tele dramas produced in Sri Lanka, the village shopkeeper (Mudalali) was portrayed as an evil character. From the small entrepreneurs in the village to the large-scale entrepreneurs, everyone was treated as exploiters,” Wickremesinghe told Parliament.
“We must change this situation,” the President said, adding: “Private entrepreneurs should be encouraged. New entrepreneurs should be created. All the necessary facilities should be provided to them. A policy environment should be created to make their work more effective.”
President’s remarks came at a time when the Global Entrepreneurship Week is being commemorated international from 14 to 20 November.
The President said that whilst encouraging private sector entrepreneurs, the country should also focus on regulating economic activities, investing in infrastructure, correcting market failures and maintaining law and order.
“I would like to define the new economy that we are going to build as a social market economy, or an «open economic system of social protection,” the President said in his 2023 Budget speech.
FT