SL calls for regional cooperation to accelerate inclusive economic growth

Minister Wimal Weerawansa 

Sri Lanka this week called for regional cooperation to accelerate inclusive economic development.

Speaking at the second edition of the Regional Conference on Industrial Development (RCID-II), Industries Minister Wimal Weerawansa outlined the importance of fast-tracking the process of technology transfer, improving resource utilisation efficiency and requirement for a circular economy for regional economic development.

The two-day conference titled ‘Acceleration of Industry 4.0 for inclusive and sustainable industrialisation’ was organised by the Government of Indonesia, in partnership with the United Nations Industrial Development Organization (UNIDO) in Jakarta.

“On a global level, we have seen what positive collaboration can yield in sectors such as industry development technology and how it enables the true meaning of shared economy. As a country and a region, we should aim to leverage opportunities and work together to future proof the industrial sector. I believe it will help our economies survive and thrive creating a ripple of positive impact across our people, entrepreneurs, economies and countries,” he said.

The Minister also pointed out that Small and Medium Enterprises (SMEs) played a pivotal role in the social economic aspects, however they suffered a lack of entrepreneurial culture and skills as well as lack of attention to modern technology. Thus, entrepreneurs are deprived of opportunities to participate in global value chains.

Highlighting policies that Sri Lanka is implementing to accelerate inclusive growth, Weerawansa said the Ministry was effectively forming a new policy for the industrial sector which would include strategies for industrial 4.0, whilst revising the Industrial Promotion Act which is three decades old, to facilitate a favourable legal framework. 

In addition, to strengthen SME-related human resources, Sri Lanka intends to develop an entrepreneurial culture by recognising and guiding talented persons from school level to entrepreneurship whilst also developing training modules to address the manpower needs and demand in all sectors.

“We all know resource utilisation efficiency also plays a prominent role in sustainable development. Even though Sri Lanka is blessed with rich natural resources, and there is tremendous potential, those resources are generally underutilised. To overcome these difficulties, we are currently focusing on raising funds for research and development (R&D), developing technology transfer mechanisms, introducing SMEs to modern technology in other countries and developing support systems for quality improvement and marketing,” he outlined.

As per the Minister, it is estimated that SMEs account for 90% of total enterprises and 45% of total employment opportunities in Sri Lanka. It has around one million establishments and provides livelihood for nearly 2.25 million families in the country.