Govt. to spearhead plans for SME businesses
The Government is currently drawing up plans to bring in new policies as they review the 2016 SME policies to ensure that the small and medium enterprises will be able to drive economic growth through financial support for this sector.
Ministry of Industry and Entrepreneurship Development SME Division Additional Secretary Anoja Herath addressing the ‘cale Up SME Forum 2025’ held at the Taj Samudra in Colombo on Tuesday said that the government has taken it up to re-visit the SME policies.
The National SME Forum 2025 was organised by the Ceylon Chamber of Commerce – Centre for SMEs and was said to be the country’s largest SME forum.
She noted that reviewing this will help to implement those policies that were not implemented previously. This will be reviewed alongside the plans already drawn up by the government for the SME sector.
In addition, an Advisory Committee has been establishing comprising participation from both the public and private sectors. A productivity secretariat has been set up to ensure that the SME will be assisted throughout their lifecycle.
Central Bank Assistant Governor Dr. Chandranath Amarasekara said SMEs are given low interest rates on loans compared to the rates in the past.
He pointed out that the authorities are committed to maintain inflation at a comfortable level and the volatility of interest rates will be lowered.
National Enterprise Development Authority (NEDA) Chairman Lakshman Abeysekara said the aim is to create a hype about entrepreneurship in the country and ensure this will become part of the local culture. In this respect, authorities are currently engaged in creating a model for Sri Lanka in line with local requirements.
He explained that SME entrepreneurs are today able to find out information regarding the setting up of their businesses as they have established DigiGo where you can find out how to get ERP and how to make digital payments, among other areas.
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