National Enterprise Development Authority (NEDA) says that the entrepreneurial landscape in Sri Lanka is completely underdeveloped, with only 3% of the working population actively engaged in entrepreneurship. The relevant statistic was disclosed by NEDA Director Dhanuka Liyanagamage at the launch of Global Entrepreneurship Week 2024 at the Chamber of Commerce this week.

He described the figure as "pathetic" compared to local peers and called for a nationwide push to foster entrepreneurship. Noting that while Sri Lankans value higher education, entrepreneurship is often overlooked in schools and universities, he emphasized the importance of changing social attitudes.

"We need to increase this number to at least 10% in the next 3 to 5 years," he said, highlighting the role of entrepreneurs in the nation's post-crisis recovery. He also acknowledged the bureaucratic hurdles that continue to hamper local businesses, with more than 50 government agencies committed to supporting entrepreneurs but lacking coordination.

Despite these challenges, he expressed optimism that the government's recent focus on digitization and increased donor support for the sector will help remove many of the current obstacles. He pointed to the low level of financial literacy among small and medium-sized enterprises (SMEs) as a major barrier, which increases difficulties in securing financing and navigating regulatory processes.

"We are committed to implementing this initiative," said Liyanagamage, calling for a sweeping change in the country's entrepreneurial mindset to unlock the country's economic potential.