National Advisory Committee for SME development begins work

Thursday, 13 March 2025 00:12 - - {{hitsCtrl.values.hits}}

The National Advisory Committee, which operates with the aim of identifying problems faced by small and medium-sized entrepreneurs (SMEs) and providing sustainable solutions, recently launched its activities with its first session held at the Parliamentary Complex.

The Committee’s operations commenced under the co-chairmanship of Finance and Planning Deputy Minister Dr. Harshana Suriyapperuma and Industry and Entrepreneurship Development Deputy Minister Chaturanga Abeysinghe. The Finance Ministry said the Advisory Committee includes experts from various fields to represent all aspects of SMEs in accordance with current business needs and challenges. Senior Government officials on this Committee contribute to policy formulation, State financial management, and policy decisions for public administration procedures.

The representation of the Central Bank of Sri Lanka has been included in the Committee to obtain the necessary contribution for strengthening access to finance and creating the relevant environment. Through this, it is expected to obtain the necessary contribution to empower the SME sector by regulating the banking sector.

This advisory committee has been structured to ensure proper representation for SMEs, allowing them to contribute to the formulation of policies and strategies concerning them. In addition, several financial sector experts, bankers, and university professors with authoritative knowledge of business from the education sector have been appointed to this Committee. Through this, it is planned to obtain the contribution of all stakeholders who contribute to SME development for this national task. This aims to understand business problems and intervene practically to find sustainable solutions to issues.

The main purpose of establishing this Committee is to act as a national-level intellectual body for developing strategies for the promotion and development of SMEs. Additionally, it provides strategic guidance for policy formulation while ensuring coordination efforts of all Government and private institutions involved in SME development.

The role of the National Advisory Committee for SMEs can be described as follows:

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Reviewing and updating the national policy framework for SMEs in accordance with the Government’s development agenda and current development trends.

Revising, updating, and monitoring the national plan for SMEs through an inter-Ministerial coordination committee.

Establishing a strong financial framework for SMEs.

Establishing a risk rating system for SMEs when accessing financial facilities.

Addressing key challenges faced by SMEs, including building a supportive environment for SMEs, facilitating technology transfer, promoting research and development, improving market access, and strengthening institutional capacity.

Providing recommendations for solving major financial challenges faced by SMEs.

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