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The Companies Registration Department said 5,164 new private companies have started functioning during the last 1 1/2 years.

Two thousand and fifty six private companies were registered in 2001, and in 2002, 2,885 private companies were newly registered. The growth rate of company registration in 2001, when compared with the registrations in 2000 is 13.6%. The growth rate for 2002, when compared with 2001 is 40.3%. But with 2279 new private business starting to function in the last eight months, the growth rate is 30.8% when compared with the same period in 2002. People entering business in a big way, is a development of the economy, according to economic experts.

Various economic policies followed by the government to develop the economy and the encouragement given to the business sector, have been a significant factor in people taking more interest in business.

According to the statistics of the Company Registration Department 2,829 business and societies under private, public, guarantee, associations, people's, off-shore and foreign types were registered in 2001, while this increased to 3,502 in 2002. This is an increase of 23.8% and the total business registered in 2002 and 2003 are 2,093 and 2,840, an increase of 35.7%.

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