• Emphasise restructuring public sector

The Chamber of Young Lankan Entrepreneurs (COYLE) urged the Government to prioritise restructuring of the public sector so as to reduce the burden on taxpayers and add value that is essential for the recovery of the Sri Lankan economy, the Chamber added in a statement.   

The COYLE, consisting of a membership of over 120 entrepreneurs and business entities, hosted their annual evening of open discussion and networking with the diplomatic community in Sri Lanka. 

COYLE is confident that hikes in taxation and interest rates were stop-gap solutions at the time and that necessary tax reforms are underway to make it more equitable and that measures will be implemented to widen the tax net and reduce tax evasion. 

COYLE Chairman Dimuth Chankama Silva welcomed the delegates and COYLE members to a Sri Lankan cultural extravaganza that enhanced the warm reception and helped to renew and strengthen relationships with the diplomatic community. The Chairman acknowledged the sustainable and ethical businesses that COYLE represents and their intent to continue exporting and investing internationally, for which the support of the invitees that evening was vital. 

He expressed that COYLE was “open for business” and that while Sri Lanka is at a crossroads, the members of COYLE have embraced the changes thrust upon their companies, despite the economic hardships and have been able to weather the storm. On behalf of the COYLE community, he further praised President Ranil Wickremesinghe, the Government of Sri Lanka, and Central Bank Governor Dr. Nandalal Weerasinghe for taking bold and decisive actions that has prevented further economic collapse. 

Foreign Minister Ali Sabry was invited as the Chief Guest who delivered an impassioned and clear message on the importance of international cooperation amongst the global community in supporting the economic recovery of Sri Lanka. The Foreign Minister thanked COYLE for being the strength of the Sri Lankan economy, given that the COYLE member organisations contribute billions of rupees annually to the Sri Lankan gross domestic product (GDP). Most COYLE members are exporters that bring in vital dollars back to the country and have investments, joint ventures, and collaborations globally that play an important role in the continued progress of the nation’s economy and now economic recovery. 

Senior Vice Chairman Rasith Wickramasingha invited the distinguished guests that included ambassadors, high commissioners, consuls general, representatives of foreign diplomatic missions and global funding agencies to work with COYLE to make rewarding connections. 

Subcommittee Chairman of the event Dan de Silva commented that the event was a roaring success and had been well received by the diplomatic attendees.