Jan 12, 2018

Sri Lanka SME policy work takes off

Implementation of Sri Lanka’s first national SME strategy began in earnest as the government moved a top global private advisory firm to lead the process. Interestingly, the implementation of Lankan SME policy is starting (with a huge Rs 3.8 Mn pilot project) in a very short time from its initial national launch last year- within five months to be exact.

“The Government of Sri Lanka has assigned high priority to the development and strengthening of SME sector to be a sustainable sector of the Country's economy and to link to global markets” said the Minister of Industry and Commerce Rishad Bathiudeen on 12 January in Colombo.

Minister Bathiudeen was addressing the launch of Sri Lanka “Enabling Environment -SME Legal & Institutional Assessment” session by his Ministry of Industry & Commerce and the National Enterprise Development Authority (NEDA) under him at Taj Hotel, Colombo.

NEDA has signed an MoU with EY Advisory Services -a member firm of Ernst & Young Global Limited, a global leader in assurance, tax, transactions and advisory services-on this occasion as a preparatory step for implementation work of national SME policy launched by his Ministry last year with Prime Minister Ranil Wickremesinge.

Sri Lanka EY Advisory Services has retained Colombo’s law firm F. J. & G. de Saram for mapping of legal environment related to Lankan SMEs. GIZ (Gesellschaft für Internationale Zusammenarbeit) in Sri Lanka is the generous funder of this three-month long SME policy implementation start furnishing a huge SL Rs 3.8 million.