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| Sunday, 22 January 2006 |
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by Elmo Leonard A Small and Medium Enterprise Authority will be set up shortly to foster the small and medium enterprise sector of the country. This authority will promote, nurture and develop small enterprises and facilitate obtaining raw materials, technology, marketing skills and other assistance, Minister of Enterprise Development and Investment Promotion, Rohitha Bogollagama said. The proposed authority, which is in its implementation stage, will be linked with the existing Small and Medium Enterprise Bank. He was addressing the Sri Lanka Entrepreneur of the Year 2004' awards ceremony organised by the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL). The Minister who was the chief guest said he found it encouraging that FCCISL had conducted the event for ten consecutive years, recognising thousands of Sri Lankan entrepreneurs and motivating them to achieve the highest echelons of the corporate sector. The FCCISL, in that way, was also contributing to the socio-economy, sometimes, in the hinterland. It was the thinking of President Mahinda Rajapakse that the small and medium sector should be assisted in all parts of the country, including the hitherto neglected north and eastern sectors. The SME sector is the backbone of the economy of a nation. And, this sector makes a vital contribution in the economic development of the country. It is the entrepreneurial community which creates employment opportunities, earns much-needed foreign exchange and pays taxes to the government, all of which contribute to the overall development of the country. The Minister saw this endeavour of the FCCISL, as a national honour bestowed on the local entrepreneur by the corporate sector. More, so, being carried out by FCCISL, the apex body of trade chambers. The Ministry of Enterprise Development and Investment Promotion, was always committed to the cause of the Sri Lankan entrepreneur. He had been working in partnership with the FCCISL in several major initiatives in the recent past which have helped local entrepreneurs in their overall enterprise development. Historically, the country had an orientation in entrepreneurial development. In times of foreign rule, entrepreneurial development, continued to grow. In post-independent Sri Lanka, the economy shifted from open, to mixed and to the present, globalised economy. In economically advanced countries, a policy framework exists, resulting in an entrepreneurial culture. Such a culture will be inculcated in the country; the FCCISL, has made an inroad in this direction. It is not only the Board of Investment of Sri Lanka (BOI) which brings in foreign direct investment; the SME sector creates markets. This sector must be assisted, by way of finding lower cost capital. Minister Bogollagama congratulated all winners and wished them all
success in their enterpreneurial endeavours. |
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