Lack of opportunities and many untapped markets for local mid-sized companies

While there are only a handful of Sri Lankan top conglomerates that have done well locally and have reached global markets, there are plenty of midsized companies, small and medium-sized enterprises, family-run businesses doing great business locally, but are unknown.

Lack of expertise, the knowledge to widen the business to various markets globally, lack of funds to expand the business model, and lack of technological guidance are some of the drawbacks for mid-sized companies locally, said Ruwindhu Peiris, Stax Managing Director.

Mr. Peiris made these comments to the Business Times on the sidelines of the launch of the Sri Lanka@100 platform at the Galle Face Hotel in Colombo last week.

Sri Lanka@100 is a private sector-led initiative focused on the growth of mid-market enterprises, funded by the USAID and administered by Stax. Midsized firms in

Sri Lanka face many challenges when preparing for the next stage of growth such as dependency on a small domestic market for revenue, limited access to high quality business development services and lack of access to varied forms of capital. The platform is designed to help mid-market companies address such issues by providing high calibre advisory services in areas like strategy, marketing, accounting and finance, legal and technology and data services.

The platform is building an ecosystem of trusted vendors and partners who can provide such services and also bring innovative ideas to the table to help mid-market firms grow. The ecosystem will include general business interest organisations such as industry bodies, banks, chambers, state-affiliated organisations and training and professional skill building institutions.

Sri Lanka@100 is now accepting applications from mid-sized firms that are seeking support for rapid growth. Applicants can find the eligibility criteria, application process and deadlines on the website www.srilanka100.lk.

US Ambassador to Sri Lanka and Maldives, Alaina B Teplitz who was the Chief Guest at the launch highlighted the commitment to economic development driven by the private sector. She noted that US companies have invested over US$ 300 million in Sri Lanka over the past several decades and expressed hopes that this platform would generate more opportunities for mutually beneficial trade and investments between the two countries. “The entrepreneurs, the business and government leaders expanding the impact and profitability of medium-sized businesses are the engine that will power Sri Lanka’s prosperity and the US is investing in your drive and potential,” noted Ms. Teplitz.

“The entrepreneurs, the business and government leaders expanding the impact and profitability of medium-sized businesses are the engine that will power Sri Lanka’s prosperity and the US is investing in your drive and potential,” noted Ms. Teplitz.