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Sri Lanka must develop an entrepreneurial culture to achieve economic prosperity – Wegapitiya

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Addressing a forum in Colombo (25) Laugfs Holdings Chairman W.K.H. Wegapitiya noted that as a country Sri Lanka must try to encourage entrepreneurialism in order to achieve economic prosperity.

“As per the third quarter 2018 statistics the economically active population of this country is about 8.4 million. 7.8 Economically inactive. Out of this 8.4 million, 1.1 million are employed in the public and semi government sector and 3.8 in the private sector.  Country’s GDP is US $87 billion. So this is generated by only 225,000 entrepreneurs. Now in the global entrepreneurial monitor we are at the 90th place out of 147 entries. If this country wants to achieve the economic prosperity, of course sometimes we believe that the economic prosperity can be brought to our nation by this 225 people but only the entrepreneurs can create wealth. We need a very secure nation”

“In our country we have less than 2% of entrepreneurs, India 10%, Vietnam 22%, Singapore 28%, Uganda 32%, the highest is Guatemala. According to the recent information entrepreneurially active population is very high. So if we need to achieve the economic prosperity we need to foster and encourage entrepreneurialism in this country,” added Wegapitiya.

Speaking further Wegapitiya noted that Sri Lanka needs to take advantage of its strategic location to become a serious player in global market.

“The world economy is moving from west to east. This is happening through our doorstep. That is the main reason why India wants Sri Lanka. We have been sandwiched between China,India and US because our location is a specific advantage.So the economy is moving from west to east through our doorstep, unfortunately we are not geared, we are not ready to harness those emerging opportunity.”

“We need a very committed visionary charismatic leadership to run this country and also supporting and encouraging more and more entrepreneurialism to create wealth. Then only we can become a proper prosperous nation in this part or globally”, Wegapitiya said.

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