Chamber of Young Lankan Entrepreneurs proposes concrete measures to propel Sri Lanka’s economic growth

COYLE Chairman Rasith Wickramasingha (left) hands over the dossier of proposals to MP Madura Vithanage. COYLE Senior Vice Chairman Thushira Raddella, Vice Chairman Manjula Wijesundera and Secretary General/CEO Indunil Ukwatte are also present  – Pic by Upul Abayasekara 

• Recognising need for stability and bipartisan collaboration COYLE’s proposals advocate for the formation of high-level subcommittees comprising political and domain experts to analyse and challenge ministerial acts and gazettes, ensuring transparency, accountability and the kind of well-informed decision-making
• MP Madura Vithanage chairing committee on ease of doing business to present COYLE proposals to Parliament

In a groundbreaking move to ignite positive change and enhance Sri Lanka’s economic standing, the Chamber of Young Lankan Entrepreneurs (COYLE) has presented a comprehensive proposal aimed at laying the groundwork for stable policies and attracting quality investments.

COYLE’s visionary plan, backed by extensive research and comparative analysis, focuses on key areas of concern and offers innovative solutions to overcome challenges and drive long-term prosperity. The proposals have been officially handed over to Member of Parliament Madura Vithanage who has agreed to convey the contents with the necessary channels in Parliament.

Young MP and Attorney-at-Law Withanage is the Chairman of the Select Committee of Parliament to study the practical problems and difficulties that have arisen in relation to enhancing the rank in the Ease of Doing Business Index and make its proposals and recommendations.

Expressing his support of COYLE’s proposals, MP Vithanage said: “It’s encouraging to see such an inspiring group of entrepreneurs preparing a concrete plan to tackle the issues facing Sri Lanka. A program will be formulated within the next 3 months to solve the problems of businesses in the country. Sri Lanka faces difficulties in crisis management, but we must raise the bar and rise to the challenge. Therefore, we are taking necessary steps to resolve this situation as soon as possible, and I am pleased to present this proposal to Parliament on behalf of COYLE.”

Recognising the need for stability and bipartisan collaboration, COYLE’s proposals advocate for the formation of high-level subcommittees comprising political and domain experts. These subcommittees, which should be protected by the Constitution, would then analyse and challenge ministerial acts and gazettes, ensuring transparency, accountability and the kind of well-informed decision-making that is necessary for progress. Leveraging the expertise of diverse professionals, COYLE seeks to forge a path towards a more efficient and effective governance structure.

It acknowledges the positive economic conditions in the country, but emphasises the importance of addressing the loss of credibility resulting from defaulting on obligations. 

To regain trust and attract quality investments, COYLE highlights the necessity for stable policies that offer a proactive approach, rather than merely reacting to crises. By setting clear timelines, introducing self-compliance capabilities for new investors, and upgrading standards to eliminate ambiguity, Sri Lanka can establish itself as a reliable and trustworthy investment destination.

Additionally, COYLE’s proposals stress the need to revisit existing laws, with a particular focus on dispute resolution and accountability. Currently, the absence of liability when ministers change policies on an ad hoc basis, and the lack of law and order, pose significant challenges. 

COYLE also calls for personal accountability for ministers and government institutions, urging the enactment of laws that hold them liable for any damage caused. A strong culture of accountability in Sri Lanka can go a long way towards fostering an environment conducive to progress and development.

COYLE’s proposal reflects the needs at a pivotal moment for Sri Lanka’s economic future. By championing stability, accountability and proactive decision-making, COYLE aims to capitalise on the country’s potential, re-foster an environment of trust for investors to attract high-quality, long-term investments. “The road ahead may be challenging, but with the collective efforts of passionate individuals and the support of all stakeholders, COYLE firmly believes that Sri Lanka can chart a course towards prosperity,” a statement said.