Thushira Raddella, Managing Director, Raddella Holdings, who recently completed his tenure as President of COYLE, reflected on the year gone by, COYLE’s future plans, as well as the way forward for Raddella Holdings, as he handed over the reins of this now formidable Business Chamber to his successor Manjula. During Raddella’s tenure, several impactful programs were initiated to strengthen Sri Lanka’s entrepreneurial ecosystem, including the Young Lankan Platform a dedicated initiative to support SMEs and provide them with the necessary resources to scale and succeed, the Future Founders Program a visionary project aimed at establishing school based entrepreneur clubs, thus instilling an entrepreneurial mindset in the younger generation, the COYLE Global Program, which is a strategic initiative to create overseas business hubs with free warehousing facilities, enabling Sri Lankan entrepreneurs to expand their brands globally, as well as the Entrepreneur Development Center, a comprehensive support system for startups, scale-ups, and entrepreneurs, offering mentorship, funding guidance, and business development assistance. “All these initiatives have collectively strengthened Sri Lanka’s entrepreneurial foundation and opened new avenues for business growth, whilst cementing our position as a forward thinking, progressive and dynamic Business Chamber”.
Radella also emphasized the fact that COYLE is more than ready to take its place as a regional organization to promote Sri Lankan businesses and entrepreneurs and is well-positioned to elevate Sri Lankan businesses at the regional level. “Through the Young Lankan Program, we aim to extend SME support beyond national borders, fostering stronger collaborations and opportunities. Additionally, through ALEC (Alliance of Lankan Entrepreneurial Chambers), we actively engage with other regional chambers, ensuring Sri Lankan businesses have a presence and a voice in the broader regional economic landscape”.
Citing some of the challenges faced by COYLE, Raddella said navigating economic instability, facilitating policy changes, enabling global market access which entails helping Sri Lankan businesses overcome international trade barriers and establish a stronger global presence, and most importantly enabling an Entrepreneurial Mindset Shift, thus encouraging a more resilient and globally competitive, entrepreneurial culture among local business owners, was and still is to a great extent a challenge. “Despite these challenges, we remained committed to our mission and implemented initiatives to tackle these obstacles head-on”.
As to what policies should be implemented by the government, Raddella said facilitating investment, reducing the cost of living, and encouraging local entrepreneurship and manufacturing was paramount. “For Sri Lanka to attract investment and promote sustainable economic growth, the government needs to focus on a One-Stop Investment Solution and simplify the investment process with a single window system that facilitates seamless entry and exit of capital”. He also called on the government to ensure ease of financial transactions by implementing policies that make it easier for businesses to bring cash in and out of the country, thus fostering investor confidence. “Support for local manufacturing by offering incentives, tax benefits, and infrastructure support to strengthen domestic manufacturing and reducing import dependency, ensuring a stable currency by implementing strategies to strengthen the Sri Lankan Rupee, thereby reducing inflation and making local businesses more competitive globally, are just some of the measures that the government needs to establish with immediate effect”.
Where his own business Raddella Holdings is concerned, Raddella said they are strategically shifting focus towards export-oriented industries, with a primary emphasis on pharmaceutical manufacturing. “Our upcoming biotech facility will be a significant milestone, as it positions Sri Lanka to compete in the global pharmaceutical sector. With the right government support, this industry has the potential to generate substantial foreign exchange inflows and create high-value jobs. Our investments in biotech and pharmaceutical manufacturing will not only enhance healthcare accessibility but also contribute to the country’s economic growth through exports and innovation”.
Despite the ending of his tenure as President, Raddella emphasized his commitment to COYLE. “COYLE is not just an organization it is a movement and a community that I deeply believe in. My commitment to its vision remains unwavering, and I will continue to support its initiatives and contribute to the growth and success of Sri Lankan businesses. With the right policies in place, Sri Lanka can become a thriving hub for investment, innovation, and entrepreneurship”.
