Saturday Sep 21, 2024
Saturday Sep 21, 2024
Tuesday, 25 June 2024 01:56 - - {{hitsCtrl.values.hits}}
The CMA Sri Lanka SME Development Committee will be celebrating the UN MSME Day falling on 27 June by conducting the CMA Sri Lanka UN MSME Development Summit 2024 under the theme of “MSMEs the key driving force for economic growth in Sri Lanka” for the third time, at Ballroom, Hotel Galadari.
The UN Day MSME summit will be inaugurated on 27 June at 8:30 a.m. at Hotel Galadari by the Chief Guest ADB Country Director Takafumi Kadono, in the distinguished presence of representatives from UN, Secretary Ministry of Industries, Deputy General Manager Grameen Trust Bangladesh, General Managers of participating banks and finance companies, MSMEs, industry experts, professionals and committee members.
The program will have an inaugural session, two technical sessions, panel discussion and presentations from SME bank customers on business revival with the support of participating banks.
Some of the key matters applicable to the MSME sector will be highlighted at the Summit. This will include ADB support for the MSME sector, turning unemployment into entrepreneurship, business revival and the role of commercial banks, benefit of the credit guarantee institution and its role in supporting SMEs and entrepreneurship development, cash flow and liquidity management, and costing and pricing, setting up of export houses to promote exports, export financing, need for a MSME Development Act to promote and develop MSMEs.
The committee will be actively working on the implementation of (a) Setting up of Export Houses to promote exports of MSMEs (b) Definition for MSMEs (c) MSME Development Act to promote and safeguard MSMEs (c) Training in accounting, finance, costing and pricing (d) Use of technology and e-commerce.
The CMA Sri Lanka SME Development Committee comprises members from professional bodies, commercial banks and industry experts who have been meeting since April 2020 to find solutions and support the SME sector. They have organised conferences, workshops and UN MSME Day events annually since 2021. The UN General Assembly has declared 27 June Micro-, Small and Medium-sized Enterprises Day, to raise public awareness of their contribution to sustainable development and the global economy.
The MSME sector is the backbone of most economies worldwide including Sri Lanka and plays a key role in developing countries. In Sri Lanka, MSMEs comprise more than 75% of enterprises and account for 52% of GDP, 45% of employment, and a meagre 5% in exports which we have recommended be increased with the setting up of Export Houses.
The CMA Sri Lanka SME Development Committee The CMA Sri Lanka COVID-19SME Development Committee under the leadership of Prof. Lakshman R. Watawala has been active since April 2020 and a significant achievement of the committee was fulfilling the great need to support those entrepreneurs who were unable to provide collateral or security to banks by recommending to the Ministry of Industries in 2020 to submit a Cabinet Paper to reactivate the stalled SME Credit Guarantee Institution which was supported by the ADB and was pending in the approved projects list and to restart this project immediately. This was subsequently approved by the Cabinet on 27 April 2021 and responsibility given to the ERD of the Finance Ministry who has now finalised the setting up of the NCGI which will be launched shortly.
