Business
COYLE to drive ‘broad movement’ to empower young Lankan entrepreneurs
Initiatives planned to motivate young people to dream bigger
Free warehousing on offer in U.S., Australia and Dubai
New initiatives of the Chamber of Young Lankan Entrepreneurs (COYLE) will harness its existing capacities and networks to the greatest extent possible to empower young entrepreneurs in all regions of the country to contribute to the national economy on a greater scale, Thushira Raddella, businessman and President of (COYLE) told The Island Financial Review.
Thushira who recently took over the responsibilities as new chairman of COYLE from its immediate past chairman Rasith Wickramasinghe said the Chamber would transform the way it does things about young entrepreneurship in Sri Lanka in 2024 and beyond. This is not something I am going to do. It is something the Chamber is going to do as a responsible body comprising high-profile, decision-making business owners who hold the entire membership of the Chamber,” he said.
Thushira, CEO/Director of Raddella Holdings Pvt. Ltd., in addition to being COYLE chairman speaking further said,” 25 years ago, COYLE was founded by a group of young Sri Lankan entrepreneurs. Today they and their companies are high-net worth and well-known organizations that bring substantial foreign currency into the country, and substantially contribute the gross domestic product (GDP) of the country. Their noteworthy accomplishments in the business world can truly inspire young Sri Lankan entrepreneurs to conquer the growth markets in foreign countries. We are keen to share our members’ skills, experience and networks with the potential changemakers of the country to take their businesses to the next level,” he said.
“Our members will be getting in touch with entrepreneurial-minded students at their alma maters and motivate them , so that they can dream bigger with our support and the opportunities we can create for them if they are truly committed to being entrepreneurs in the future. We will be spreading the movement to identify and empower the entrepreneurial spirit in provincial schools as well. After doing so for about six months, and selecting viable business ideas, we will open up startup incubators to offer them vital information, guidance and even necessary capital to them. As a Chamber with 100 members, we have connections and relations with other chambers and foreign trade delegations; and we are planning to bring in angel investors and venture capitalists to finance and partner with emerging Sri Lankan entrepreneurs, “he noted.
“We are planning to rename COYLE as Chamber of Lankan Entrepreneurs and establish an affiliated platform dedicated for young businessmen and women and university students, through which they can collaborate with us and be stronger in their business pursuits. We will be taking the Chamber to a global level. Moves are underway by the Chamber to set up regional offices to support young Lankan entrepreneurs to enter foreign markets.
One of the main plans for this year is; we are going to give three warehouse facilities for Sri Lankans to bring their goods and keep them in the U.S., Dubai and Australia. We have already obtained warehouses in those countries. This facility will be provided to young entrepreneurs for free. This is a crucial support we can extend to take local manufacturers’ goods overseas. And the Chamber’s experts who know about business processes in those markets inside out can help young Lankans to gain a foothold there,” he said.
In a significant move for Sri Lanka’s tourism sector, NKAR, a stalwart in the industry for over 45 years, has announced a partnership with Holiday Max, Australia’s largest tour operator. Based in Perth, Holiday Max has ventured into Sri Lanka for the first time, marking a promising expansion for both entities.
This collaboration aligns with NKAR’s strategic vision to enhance the country’s appeal to international travelers. Nilmin Nanayakkara, Chairman and Managing Director of NKAR says, “Our policy has always been to promote Sri Lanka to new markets by attracting new operators, rather than competing through price undercutting or making unrealistic promises.” This statement encapsulates NKAR’s commitment to fostering sustainable tourism growth by focusing on quality over cost.
By prioritsing service excellence and maintaining high health and safety standards, NKAR aims to elevate the overall travel experience for visitors. This approach not only positions Sri Lanka as a premium destination but also attracts reputable operators like Holiday Max, who are drawn to the island’s unique experiences and NKAR’s dedication to quality service.
The partnership represents a remarkable opportunity to showcase Sri Lanka’s diverse offerings to Australian travelers, potentially opening new avenues for tourism growth. As NKAR continues to innovate and adapt, this collaboration is set to bolster Sri Lanka’s standing as a sought-after travel destination, steering the industry away from aggressive price competition towards sustainable growth through authentic experiences.
By focusing on attracting new operators and markets, NKAR is paving the way for a revitalised tourism landscape in Sri Lanka, one that values quality, safety, and the unique charm of the island. NKAR is recognised as one of the top five destination management companies in Sri Lanka. The company recently won 3 major awards at Sri Lanka Tourism Awards.
By Sanath Nanayakkare
LOLC Finance secured five Gold Awards and one Merit Award at the LankaPay Technovation Awards 2025, including the prestigious Overall Excellence in Digital Payments Gold Award for the sixth consecutive year.
The company dominated both bank and NBFI categories, winning Best Digital Strategy Gold Award, proving its superiority over traditional banks in digital finance.
Awards won were as follows.
Gold Awards:
Best Digital Payment Strategy (Banks & NBFI)
Best Mobile Application for Retail Payments via JustPay (Banks & NBFI)
Excellence in Customer Convenience (NBFI)
Financial Inclusivity (NBFI)
Overall Excellence in Digital Payments (NBFI)
Merit Award: Most Popular Digital Payment Product (iPay)
CEO Krishan Thilakaratne emphasized digitalization as core to LOLC Finance’s operations, enabling seamless, 24/7 financial access through platforms like LOLC Real Time and iPay.
Chairman Conrad Dias highlighted the audited, performance-based recognition and iPay’s mission to solve real-world financial challenges with cutting-edge tech.
iPay & JustPay innovations were Recognized for leading digital payment adoption with 1M+ downloads, 1.8M monthly transactions, and 65% JustPay market share, featuring biometric security and AI fraud detection.
Financial Inclusivity was recognized for Bridging gaps via multi-lingual services, cashless processes, and rural outreach programs.
Customer Convenience was recognized for real-time solutions (SLIPS, CEFTS) eliminating branch visits for payments and transfers.
Tree House International, located in Dehiwala, has been recognised as the Most Evidence-Based Special Needs School of the Year at BWIO Awards. The only international school in Sri Lanka dedicated exclusively to children with special needs, 75% of its students relocate from abroad for its high-quality, result-driven education.
Last semester, 100% of students transitioned to mainstream or vocational training.
The school is led by Dr. Anton James, a Chartered Behavioural Psychologist with over 20 years of global experience.
His evidence-based approach earned the highest honour from the British Psychological Society, and he was elected a Chartered Scientist. Co-directed by Chrystal Honsaker, an expert with 15 years of international special needs experience, the school also offers an accredited British curriculum alternative to GCSEs.
We aspire to build a nation where all citizens coexist in peace and resilience for the future generation -PM
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