National policy framework for SME development gets Cabinet nod: Bathiudeen

A program aimed at stimulating the growth of the SME sector which will enable entrepreneurs to compete locally and internationally through Government engagement and support will get underway soon, Industry and Commerce Minister Rishad Bathiudeen has announced.

The SME sector has been identified as being integral and able to contribute much more towards the country’s economic stability, with it having room for development and improvement provided the correct support and guidance are given, the Minister pointed out.

The Minister announced that from March or April this year the Government planned to set up the SME Authority to give more teeth and functional responsibilities to take this sector to a higher level. It is likely that the proposed authority will replace the National Enterprise Development Authority (NEDA), which also comes under the Industry and Commerce Ministry.

These observations were made by the Minister during a meeting last week with an independent group from the private sector headed by the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) that has teamed up to launch a unique program to provide a series of development-oriented support solutions to entrepreneurs, a much-needed contribution to the industry at this point of time.

The occasion was the signing of an MoU between the FCCISL and CH17 Loyalty for a three-year development-oriented program focusing on providing technical, marketing and welfare support within the framework of the national policy.  Federation President Sarath Kahapalarachchi exchanged documents with CH17 Ltd. CEO Jumar Preena.

Also present at the meeting was FCCISL Asst. Manager Membership Research Eranda Fernando, Head of Cards Commercial Bank Thusitha Suraweera, Head Business Development/Mobile Payments Dialog Digital Services Shankar Dharmaratne, DGM Banking Cards and Card Solutions Lake House Printing and Publishers Tony Johnpillai, Promotions Head MasterCard Natalie de Silva and Group Director/CMO of Mydeal.lk Group Mehraj Sallay.

The proposed digital program will cover facilities such as the setting up of a Central Digital Registry of SMEs under the FCCISL to manage and promote membership participation and awareness among the membership on the scope and opportunities available for the business development, analytics and profile of each member according to their type of business, scale, income, growth opportunity, future markets, exposure to  the accounting and marketing process, technological support, welfare and concessionary facilities, recognition, trade ID, etc.

Ch17 Ltd. will also develop a mobile app for the federation for the instant gathering and sharing of business and market information to all registered members. Rewards and loyalty schemes will also be incorporated later.