A National Policy Framework and a National SME Authority will be established to facilitate the SMEs but not to regulate them, Industry and Commerce Minister Rishad Bathiudeen said.
The Minister was addressing the inauguration of “Aadhayam 2017” yesterday at the Bandaranaike Memorial International Conference Hall (BMICH).
Minister Bathiudeen said the Ministry together with the National Enterprise Development Authority is to introduce the National SME Policy and National SME Authority.
“The policy is ready to be published and Cabinet approval was also given to establish the Authority,” the Minister said. Minister Bathiudeen said over one million registered SME’s and MSE’s are in Sri Lanka and each provides employment to three people on average especially in rural areas.
“We believe that SME’s are 75 percent of the total number of enterprises in the economy providing 45 percent of employments and contributing to 52 percent of the Gross Domestic Product (GDP). With the increasing trend of globalisation, the service sector has become the driving force for growth and development,” he said.
He said the Ministry has commenced a four-year project of USD 9 million to introduce SMEs trade commodities in regional and EU markets. and he said the project was to enhance the export trade commodities of SMEs in Sri Lanka.
UNDP Sri Lanka Country Director Lovita Ramgutte said the 2030 Sustainable Development Agenda is a plan of action for people, planet and prosperity.
“As Sri Lanka aspires to become a higher middle income country, we believe that SMEs and entrepreneurs present an important opportunity to develop the existing potential in the country,”she said.
Aadhayam 2017, a national trade fair organised by the United Nations Development Programme (UNDP) Sri Lanka, will be held at the Bandaranaike Memorial International Conference Hall (Colombo) on July 14, 15 and 16. The three-day trade fair will showcase over 200 entrepreneurs, producer groups and organisations from 10 selected districts of the country: Ampara, Anuradhapura, Batticaloa, Jaffna, Kilinochchi, Mannar, Monaragala, Mullativu, Puttalam, and Vavuniya.
The Aadhayam 2017 is going to create a favourable platform for Sri Lankan small and medium sized enterprises (SMEs) to promote them and help them connect with each other and expand into larger markets and make important business partnerships for national and international trade. The event is organised in partnership with the Government of Sri Lanka and the Government of Canada, the European Union, and the Government of Norway.
Thee producers have been supported by the UNDP under the Governance for Local Economic Development (GLED) programme, projects supported by the Government of Sri Lanka and the Government of Canada, the European Union and the Government of Norway.
The UNDP has partnered with government counterparts at local and national level and institutes such as the National Design Centre (NDC), Industrial Technology Institute (ITI), and Industrial Services Bureau (ISB) to ensure the sustainability of the producers.
Add new comment