Wimal wants SMEs to convert challenges into opportunities

Industries Minister Wimal Weerawansa  

• Highlights importance of inculcating innovation, creativity, use of technology for local manufacturing
• Assures to strengthen and lead direction of economy by uplifting local industries
• Says SL did not make use of spiritual knowledge for economic growth despite having it for centuries 
• Asserts thinking in new ways is no longer a choice but a necessity

By Charumini de Silva

Industries Minister Wimal Weerawansa yesterday called on Small- and Medium-scale Enterprises (SMEs) to turn challenges into opportunities through innovation and creativity to become a trailblazer in local manufacturing.

Delivering the keynote address at the National SME Forum organised and conducted in Sinhala by the Ceylon Chamber of Commerce (CCC) titled ‘Accelerating economic growth through creation of a dynamic SME sector,’ he assured full support to local industries to reach new heights in business.

“SME manufacturers in Sri Lanka have the potential to make a huge difference in local production through innovation and creativity. It will be an easy task for us to turn these challenges into opportunities for development if we persist with a strong local mindset, instilled with a national economic vision, innovation, creativity and technology,” Weerawansa said.

Noting that the Government was pursuing economic advancement through export promotion and import substitution production strategy, Weerawansa said the Industries Ministry was doing its utmost to strengthen and lead the direction of the economy by uplifting local industries.

He emphasised on the need to start thinking out of the box to broaden perspectives to face the changing global society, adding that it was one of the reasons Colombo Port City project had become a challenge for many who had difficulty in understanding it.

“It is no secret that the primary challenge is the lack of capital. But instead of dwelling on it, we must adopt an alternative path and pursue a goal-oriented approach. This is where innovation and creativity come in handy for entrepreneurs and manufacturers. Thinking in a new way is no longer a choice, but a necessity,” Weerawansa added.

The Minister pointed out capital, technology and innovation were three key ingredients which were intertwined in the development of local industries.

“In addition to innovative production strategies, we have to find answers to this attitudinal poverty. Spiritual capital, which has become a major tool in a society where knowledge is capital, came to us from Europe or the US — that too is a joke, like sustainable development. For centuries our people knew that economic development and environmental protection must go hand in hand and they also knew from experience that CSR was part of spiritual capital, before multinational corporations introduced it as a lucrative means of earning money — but sadly we did not use them in the right economic models,” Weerawansa opined. 

The Minister said that one could claim that it was easier said than done, but highlighted that within the Government policy framework, the Industries Ministry had set an example by uplifting the businesses of the local industry.

“‘Made in Sri Lanka’ led by the Industries Ministry is a great example for going beyond mere financial guidance, to bring spiritual capital to the market through local production with innovation, creativity and technology,” he said.

The Minister said the use of technology was taking the world market today and making the new generation its partners.

“All we request you is to go beyond where we started. The Government will give you full support,” Minister Weerawansa assured.