The Chamber of Young Lankan Entrepreneurs (COYLE) praised President Ranil Wickremesinghe, the government of Sri Lanka and the Central Bank Governor, Dr. Nandalal Weerasinghe, for taking bold and decisive actions that prevented further economic collapse.
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. “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,” said Senior Vice Chairman, Rasith Wickramasingha.
He made these remarks at the (COYLE), hosted an annual evening and open discussion and networking event with the diplomatic community in Sri Lanka where Foreign minister, Ali Sabry was the chief guest. The Minister delivered a clear message on the importance of international cooperation among 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 organizations contribute billions of rupees annually to the Sri Lankan GDP.
“Most of the 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.”
Chairman of COYLE, Dimuth Chankama Silva, 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 crossroad, the members of COYLE have embraced the changes thrust upon their companies, despite the economic hardships and have been able to successfully weather the storm.