Photo credit: Daily FT
Authorities in Sri Lanka are exploring avenues to channel foreign earnings into local investments to boost the country’s economy.
Daily Mirror Online reports that they are planning to empower returning migrant workers to reinvest their savings in the country.
The Sri Lanka Bureau of Foreign Employment (SLBFE) has announced the launch 9f a Rs.744.75 million entrepreneurship development scheme to encourage returning migrant workers to pump their savings as investments in the country. The grant will be spread across the 311 Divisional Secretariats in the country.
The financial aid program is aimed at providing additional support for returnees aspiring to establish their own businesses, either by starting new ventures or expanding existing ones.
The scheme also targets individuals already engaged in business ventures after their return to Sri Lanka.
According to the SLBFE, preference would be given to businesses targeting production and exports. When elevating the proposals, special attention would be given to generation of direct and indirect job opportunities through the business proposals.
To be eligible, applicants must have completed a minimum of two years overseas employment and must have plans to either start a new business or continue an existing one.
