Youth Trust Fund mooted | Daily News

Youth Trust Fund mooted

A Youth Trust Fund is planned to be set up next year to assist young entrepreneurs as well as small and medium scale entrepreneurs as there are less opportunities for them to obtain loan facilities for their industries, said Youth and Sports Minister Namal Rajapaksa in Parliament yesterday.

He said that this measure is taken in support of the Government’s plans to reduce the unemployment rate among youth which has increased to 23 percent which was 12 percent in 2015.

In reply to Opposition Leader Sajith Premadasa, Minister Rajapaksa said that it was clear as to how the UNP government assisted to enhance the industries in the country by the Presidential election result and the General election result.

He added that the former UNP led Good Governance Government wanted only to protect the foreign entrepreneurs not the local entrepreneurs.

He said that the Good Governance granted political appointments to the youth to reduce the unemployment rate yet they were not given a good salary.

He said that the Government has plans to bring in foreign investments. He added that the very recently an investor agreed to invest a sum of US$ 300 million at the Hambantota Port industrial area which created 2000 employment opportunities and the Government hopes to go for the second phase of the same project. He added that the Government has plans to develop small and medium industries, fisheries industry and introduce technology to them increasing employment opportunities.

He also pointed out that there is a huge gap between the international job market and education in the country. Hence attempts are made to change the education system in the country by Ministers G L Peiris and Susil Premajayantha and his Ministry too extends its support in this endeavour.

He made these observations joining the Committee Stage Debate on the financial heads of Industries Ministry, Trade Ministry, Batik, Handloom & Local Apparel Industries State Ministry, Gem and Jewellery and related industries State Ministry, Cane, Brass, Clay, Furniture and Rural Industry Promotion State Ministry, Cooperatives, Sales Promotion and Consumer Protection under the Budget proposals for financial year 2021 presented to the Parliament by Prime Minister Mahinda Rajapaksa on November 17.