March 13, Colombo (LNW): A newly formed National Advisory Committee aimed at tackling the challenges faced by small and medium-sized enterprises (SMEs) in Sri Lanka has officially begun its operations.
The committee’s inaugural session was held recently at the Parliamentary Complex, marking the start of what is expected to be a comprehensive effort to support and uplift the SME sector, which plays a pivotal role in the nation’s economic growth.
The committee is co-chaired by Dr. Harshana Suriyapperuma, the Deputy Minister of Finance and Planning, and Mr. Chaturanga Abeysinghe, the Deputy Minister of Industry and Entrepreneurship Development.
Both ministers expressed their commitment to addressing the unique challenges that small and medium entrepreneurs encounter while promoting sustainable and practical solutions.
This advisory body brings together a diverse group of experts from various fields to ensure a holistic approach to supporting SMEs. Senior government officials are contributing to policy development, fiscal management, and public administration decisions, aligning these with the specific needs and realities of small and medium-scale businesses.
The committee’s work aims to create a more supportive environment for these businesses by improving access to finance, promoting effective policies, and strengthening the overall business ecosystem in Sri Lanka.
One of the key features of the committee is the inclusion of the Central Bank of Sri Lanka, which will provide valuable input on improving access to financial resources for SMEs.
This collaboration aims to streamline banking practices, enhance the availability of credit, and create a more conducive environment for entrepreneurial growth in the sector.
To ensure that the committee addresses all aspects of SME development, experts from various sectors, including financial specialists, bankers, and academics, have been appointed.
These members bring a wealth of knowledge in business, finance, and education, contributing to the formation of well-rounded strategies for SME development.
The Ministry of Finance has outlined the committee’s primary purpose as being the creation of strategies that promote the growth of SMEs while offering guidance on policy formulation.
Additionally, the committee is designed to ensure coordination between government agencies and private sector organisations involved in SME development.
This collaborative approach will help address the numerous challenges SMEs face, from access to capital to market integration and technological advancement.
The specific objectives of the National Advisory Committee for Small and Medium Enterprises include:
• Revising and updating the national policy framework for SMEs to align with the government’s broader development goals and evolving market trends.
• Overseeing the national action plan for SME development through coordination with various ministries and stakeholders.
• Establishing a robust financial infrastructure to support the needs of SMEs, including the creation of risk-rating systems to assess financial access.
• Addressing key obstacles such as fostering a supportive business environment, facilitating technology transfer, promoting research and development, and improving access to domestic and international markets.
• Identifying and proposing practical solutions for the financial challenges faced by SMEs.
