COYLE Unites island-wide Entrepreneurs Under the Banner of “ALEC – Unite and Rebuild”

COYLE organized a special forum where entrepreneurs from all scales and backgrounds in Sri Lanka came together under ALEC (Alliance of Lankan Entrepreneurs Chamber). The gathering focused on the strength of unity among entrepreneurs and the need for stable policies to foster business growth and economic expansion in the country. The Chief Guest at the event was the Chairman of Peoples Bank PLC, Mr Sujeewa Rajapakse.

During the meeting, the Chairman of COYLE Mr Rasith Wickramasinghe addressed the gathering and highlighted the importance of stable policies. He emphasized the detrimental effects of continual and often arbitrary fluctuations in policy making, stressing the responsibility of entrepreneurs to impart and disseminate knowledge for the welfare of their employees.

Going beyond just a chamber of commerce, COYLE represents a group of entrepreneurs with shared objectives. The organization advocates for service development and improvement, grounded in core values of empowerment and sustainable economic development. Its efforts cover a range of sectors including textiles, IT, Construction, Manufacturing, Financial Services, Pharmaceuticals, Power and Energy, driven by its firm view that global business opportunities, in terms of imports and exports, remain heavily untapped by Sri Lanka.

The President of ALEC, Mr Nishan Wasalathanthree, also addressed the gathering sharing the history and purpose of ALEC. Founded to represent Sri Lankan entrepreneurs, ALEC aims to create one voice for all entrepreneurs to face, mitigate and eradicate obstacles standing in the way of progress. Over the years COYLE has formalized agreements with various regional bodies facilitating networking, and the management of various industry related issues. COYLE, with the creation of ALEC presently includes 28 such bodies with the master plan of connecting members throughout all 9 districts.

The Secretary of ALEC, Yasas Chandrasekara, stressed the significance of entrepreneurs in the economy, and the need for a robust amalgamated chamber like COYLE to voice their concerns to the government. He pointed out that despite contributing to foreign exchange, Sri Lankan entrepreneurs face challenges due to the absence of coherent foreign exchange policies.

Chief Guest, Mr Sujeewa Rajapakse, Chairman of Peoples Bank, took the opportunity to discuss the crucial role of the banking system in stabilizing the nation’s economy. He addressed serious concerns laid out by the gathering in terms of the lack of support for the SME sector. While the central bank has been reducing interest rates, state and private sector banks have not been able to transfer the benefits to customers. He cited among others, the fundamental problem being high prevailing counter interest costs caused by the high fixed deposit rates offered during the previous year to attract monies inward. The gathering urged the Peoples Bank chairman to share the concerns with his colleagues, particularly the detrimental state the economy is facing due to the lack of support, as well as the stagnation caused by the banking sector.   

The Hon. Madhura Withanage MP, who was also present at the meeting, acknowledged the importance of changing government officers’ attitudes towards entrepreneurs, given that their salaries are paid with money earned by entrepreneurs. He thanked COYLE for providing viable ideas and keen ground-level insights to the government. He mentioned that the foundation of any developed country is ethical entrepreneurship and unfortunately the Sri Lankan system does not encourage youth to take that leap.  He proposed the formation of a programme that organizations like COYLE can lead to inspire strong young entrepreneurs.