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| Sunday, 4 December 2005 |
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Laws soon to set up SME Authority The government will introduce legislation on December 10 to set up the SME Authority said Investment Promotion and Enterprise Development Minister Rohitha Bogollagama inaugurating the Regional Convention on Policy reforms for SME Development in SAARC countries organised by the Federation of Chambers of Commerce and Industry of Sri Lanka and Small and Medium Enterprise Developers. He said that at present the BOI is confined to look at investors with capital but in the future the government would consider permitting investors with capabilities. There are no barriers in Sri Lanka with regard to investment. The minister said that the government has been able to overcome the biggest issue faced by the SME sector - the lack of capital by setting up the SME bank. "I want to position Sri Lanka as a centre point in the SARRC region, a meeting point of the Middle East and Europe," the minister said. The Export Development Board will concentrate on supply chain management to encourage more people to move into exports. We also encourage people to bring goods add value and re export, he said. Director, Centre for Development Research Dr Wilbert Gooneratne said that SMEs form a vital component of all SAARC nations though their contribution to exports is still very low. In most market they cater to a poverty market since they face a lot of problems including obtaining finances, technology and marketing. They also lack a level playing field when compared with the large players. He said through the conference they hope to take stock of the present status and the problems faced by the SMEs, understand the policies adopted by the SAARC countries in regard to SMEs and declare a Colombo declaration at the end of the conference to be submitted to the relevant governments in the SAARC countries. President, FCCISL Nawaz Rajabdeen called upon the government to declare 2006 as the year of SME development. He said that most of their members are SMEs and the chamber is also planning to open two chambers in Mullaitivu and Killinochchi in the near future. SG |
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