According to recent statistics more than 75 per cent of Sri Lanka’s economy is run by the Small and Medium Enterprises (SMEs), says Anil Amarasuriya, Director and CEO of Union Bank of Colombo PLC. He made this comment speaking at a media conference held at the Union Bank head office in Colombo this week. He [...]

The Sundaytimes Sri Lanka

75% of Sri Lanka’s economy run by SMEs

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According to recent statistics more than 75 per cent of Sri Lanka’s economy is run by the Small and Medium Enterprises (SMEs), says Anil Amarasuriya, Director and CEO of Union Bank of Colombo PLC. He made this comment speaking at a media conference held at the Union Bank head office in Colombo this week.

He also noted that the Union Bank is extending its support for the second consecutive year as the principal sponsor for the Industrial Excellence Awards 2014 (IEA) organised by the Sri Lanka Chamber of Small and Medium Industries (SLCSMI) recognizing business excellence of entrepreneurs. A sponsorship of Rs. 1 million was handed over to the chamber.

Mr. Amarasuriya said, “The award provides an opportunity for SMEs to demonstrate their business success and further empower them to grow their businesses to new heights. Union Bank is focused on delivering enhanced financial solutions for small and medium businesses and the partnership between Union Bank and SLCSMI demonstrates the bank’s continued and growing commitment to support the SME sector.”

The IEA has been held for eight successive years and has recognized business success of entrepreneurs from diverse industries. With Union Bank partnering the event last year, over 1000 applications were received island-wide.

Applications will be available at all Union Bank branches island-wide and the SLCSMI office in Colombo from 25th June and the closing date for all entries is 31st August. The winners will be judged by a panel of representatives from the Board of Investment (BOI), Sri Lanka Export Development Board (EDB), National Enterprise Development Authority (NEDA), Ministry of Industry and Commerce, University Body and Union Bank of Colombo PLC. Awards will be presented under the categories of Platinum, Gold, Silver and Bronze. There will also be a special Provincial Award and a Union Bank customer Award.

SLCSMI President Mohideen Cardar said, “We anticipate an overwhelming response from participants this year as well and with the support of the Union Bank’s branch network, we will be able to reach entrepreneurs across the country and offer them the opportunity to participate in this national award.” SLCSMI has served the SMEs in Sri Lanka for over 50 years. (RM)

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