LNP – Govt. to tap migrant worker savings with Rs.744.75mn entrepreneurship scheme

Sri Lanka is exploring avenues to channel foreign earnings into local investments to boost its economy, with plans underway to empower the returning migrant workers to reinvest their hard-earned savings in the country.Â

The Sri Lanka Bureau of Foreign Employment (SLBFE) yesterday announced the launch of a Rs.744.75 million entrepreneurship development scheme to encourage the 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.Â

The financial aid programme is aimed at providing additional support for the returnees aspiring to establish their own businesses, either by starting new ventures or expanding the existing ones.

The scheme also targets individuals who are already engaged in business ventures post their return to Sri Lanka.Â

“The SLBFE expects to implement this programme to create entrepreneurs at Divisional Secretariat level, to empower the migrant workers financially to start businesses or industries using their hard-earned money,” the SLBFE stated in a notice to the public. Â

According to the SLBFE, preference would be given to businesses targeting production and exports when elevating the proposals and special attention would be given to generation of direct and indirect job opportunities through the business proposals.Â

To be eligible, the applicants must have completed a minimum of two years of overseas employment and must have plans to either start a new business or continue an existing one.Â

The SLBFE stated that the financial grants would be provided based on the Feasibility Evaluation Committee’s review of the business proposals.

For investments ranging between Rs.200,000 and Rs.500,000, the SLBFE has allocated three grants worth Rs.250,000 each per Divisional Secretariat. Â

Additionally, for the business investments between Rs.500,000 and Rs.1,000,000, one grant of Rs.500,000 has been allocated for each division.Â

Moreover, the business investments exceeding Rs.1,000,000 can apply for one grant worth Rs.1,000,000 available. Â

Interested parties are to submit their business proposals and supporting documents to the Development Officer for foreign employment at their respective Divisional Secretariat offices by February 28, 2025.Â

Currently, more than two million Sri Lankans are employed overseas and it is expected that they will return to the country in significant numbers once their migration goals have been achieved.Â

However, a 2022 research study conducted by the Institute of Policy Studies found that a large portion of returned migrant workers, especially those engaged in self-employment or business, were not aware of the opportunities or mechanisms set in place to have their overseas experience and qualifications recognised.