Windfall for Sri Lankan SMEs

As Sri Lanka works to towards building a million SMEs in its middle income bracket, it is also quietly bolstering the sector by directly intervening in one of the thorniest of issuesSME financing, according to the Ministry of Industry and Commerce..

“Our government is working to make Lankan SMEs a strategic partner in its journey towards higher middle income ranks,” said Minister of Industry and Commerce Rishad Bathiudeen on Wednesday while addressing the 21st Sri Lankan Entrepreneur of the Year Awards hosted by the Federation of Chambers of Commerce and Industry of Sri Lanka held at Ratmalana, outside Colombo.

Almost 120 SME entrepreneurs across the country were feted at the December 7 event, for their achievements in innovation and business with bronze, silver and gold awards. In attendance at the ceremony were FCCISL President Sarath Kahapalarachchi and FCCISL Secretary General Ajith D Perera.

It is estimated that slightly more than one million micro, small, medium and large enterprises are operating in Sri Lanka employing three million people.

“I am pleased to say that our government is working to make Lankan SMEs a strategic partner in its journey towards higher middle income ranks. My Ministry has already started work towards this goal. The National Enterprise Development Authority (NEDA) and SMILE-3 programme under my Ministry have already started moving in this regard,” said Minister Bathiudeen according to his remarks at the event issued in a media release.

This year, Rs. 4 billion worth of funds were disbursed to 976 projects (from January-Septtember) for several SME aspects but mostly capital investments and working capital by the ministry’s SMILE III project.