‘Enterprise Sri Lanka’ to boost SME sector

• Greater onus on EDB, NEDA, IDB and SLECIC via restructuring

The Cabinet of Ministers on Monday approved the establishment of a new entity named ‘Enterprise Sri Lanka’ aimed at supporting small and medium-scale enterprises (SMEs). 

The initiative is designed to restructure the institutional and legal frameworks of several existing organisations to provide more effective development and monitoring of SMEs.

The organisations under the restructuring include the Export Development Board (EDB), National Entrepreneurship Development Authority (NEDA), Industrial Development Board (IDB), Sri Lanka Export Credit Insurance Corporation (SLECIC), and the Small Enterprises Development Division of the Ministry of Sports and Youth Affairs.

In addition to creating ‘Enterprise Sri Lanka,’ the Cabinet decided to direct the Legal Draftsman to formulate a draft bill to facilitate the process. 

“By streamlining and consolidating various support mechanisms under one entity, ‘Enterprise Sri Lanka’ aims to provide more coordinated and efficient assistance to SMEs across the country,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the weekly post-Cabinet media briefing yesterday. He also noted that the move was made after a comprehensive review by experts, where they considered international best practices, in recognition of the need for a consolidated agency to monitor and develop SMEs more effectively.