Sri Lanka (Commonwealth Union)_ The Sri Lankan government is poised to empower women to drive the nation’s economy forward, marking a significant shift in policy direction. President Ranil Wickremesinghe has pledged to remove long standing barriers hindering women entrepreneurs, facilitating their increased participation and impact on the country’s economic landscape. In the pursuit of accelerated recovery and heightened growth, Wickremesinghe reaffirmed the government’s commitment to enhancing support for women entrepreneurs. This strategic focus aims to equip them with the resources necessary to surmount obstacles and realize their ambitions on a larger scale.
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Addressing the Prathibhabhisheka Women Entrepreneur Awards 2023 in Colombo, Wickremesinghe articulated the pivotal role of women in economic development. He emphasized the imperative of nurturing female entrepreneurship as a cornerstone of the nation’s transformation, citing its indispensable contribution to economic progress. He stated, “We firmly believe that careful development of the country’s economy can be achieved through women’s empowerment. Women can play a pivotal role in the nation’s economic growth, making their contribution indispensable for its transformation”.
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The government has initiated a comprehensive program dedicated to fostering the growth of women entrepreneurs. Moreover, recognizing the increasing significance of digital and green economies, strategies have been devised to empower women entrepreneurs to adapt to evolving trends and embrace innovation. Highlighting the vast potential within the tourism sector, Wickremesinghe underscored the importance of creating opportunities for female participation. By facilitating their engagement in this thriving industry, the government aims to cultivate resilient entrepreneurs and bolster economic resilience. He stated, “By fostering more opportunities within this sector, we can nurture robust entrepreneurs. It is imperative to systematically develop tourism, and the government stands ready to support entrepreneurs in this endeavor”.
Amidst the burgeoning tourism sector, efforts are underway to ensure equitable earnings, with a target of at least US $500 per day for individuals involved in the industry. Wickremesinghe stressed the pivotal role of women-centric chambers such as the Women’s Chamber of Industry and Commerce in realizing this ambitious objective. Furthermore, the agricultural sector represents another avenue for enhancing female participation, with ongoing modernization efforts and future plans to harness artificial intelligence.
Wickremesinghe highlighted the increasing demand for entrepreneurs in these evolving fields, emphasizing the need for Sri Lanka to remain globally competitive through technological advancement. He said, “The demand for entrepreneurs in these fields is expected to rise. As technology continues to advance globally, Sri Lanka must keep pace, remaining competitive”. Despite previous initiatives aimed at fostering female economic participation, progress has been limited. Women continue to face formidable challenges, particularly in balancing household responsibilities with economic endeavors, resulting in lower labor force participation rates compared to men.
Additionally, statistics from the Census and Statistics Department reveal a stark disparity, with female labor force participation hovering around 34.1 percent, significantly lower than the approximately 75.7 percent for men. Additionally, female ownership of formal small and medium-sized enterprises (SMEs) remains disproportionately low, with many women constrained to informal micro-scale businesses. Notably, SMEs account for about 52 percent of Sri Lanka’s gross domestic product, and the SME sector has only 25 percent of entrepreneurs. In light of these challenges, the government’s renewed commitment to empowering women entrepreneurs signals a pivotal step towards fostering inclusive and sustainable economic growth in Sri Lanka.
