Sri Lanka is actively exploring ways to channel foreign earnings into local investments as part of its efforts to revitalize the economy.
One major initiative in this regard is a newly launched entrepreneurship development scheme that aims to empower returning migrant workers to reinvest their hard-earned savings into local businesses.
This move is designed to harness the financial resources of migrant workers, many of whom have accumulated savings from their overseas employment.
The Sri Lanka Bureau of Foreign Employment (SLBFE) unveiled a financial assistance programme totaling Rs.744.75 million.
This grant will be distributed across all 331 Divisional Secretariats in the country, ensuring that the support reaches a broad base of returning migrants.
The primary goal is to provide financial backing for returnees interested in either starting new businesses or expanding existing ones.
The programme targets those who have already initiated business ventures upon returning to Sri Lanka, as well as new entrepreneurs seeking to venture into the business world.
Focus on Job Creation and Export-Oriented Ventures
The scheme places a strong emphasis on promoting businesses that focus on production and exports, recognizing their potential to generate both direct and indirect employment opportunities.
The SLBFE’s strategy is clear: fostering entrepreneurship at the Divisional Secretariat level, enabling migrant workers to transform their savings into business enterprises that contribute to the local economy and job market.
To qualify for the grants, applicants must meet specific criteria, including having completed at least two years of overseas employment.
Additionally, they must either have a solid plan to start a new business or continue running an existing one. The applications will be assessed by a Feasibility Evaluation Committee, which will evaluate the viability of the proposed business ventures before awarding the grants.
Financial Support Tiers
The SLBFE has outlined different grant tiers based on the investment size. For businesses with investments ranging between Rs.200,000 and Rs.500,000, there will be three available grants worth Rs.250,000 each per Divisional Secretariat.
For investments between Rs.500,000 and Rs.1,000,000, a single grant of Rs.500,000 will be awarded per division. Businesses with investment plans exceeding Rs.1,000,000 are eligible for a larger grant of Rs.1,000,000.
This financial support is aimed at helping returnees transform their business ideas into tangible economic contributions.
