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| Sunday, 30 October 2005 |
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Rs. 500 million to support International Enterprise Five-hundred million rupees will be set aside from the next budget to support Sri Lankan entrepreneurs who embark on setting up the international enterprises, said Minister of Advanced Technology and National Enterprise Development Rohitha Bogollagama. Addressing officials of the regional Trade Chambers at the EDB Auditorium he said that he has instructed EDB officers to study the Singapore model on the International Enterprise. The meeting was called to discuss matters relating to the development of the SME sector through the SME Authority, the role of Trade Chambers and the SME Bank. The SME Bank with its head office in Colombo is opening windows in 93 National Savings Bank branches throughout the island. The Minister said that the idea of utilising the already established mechanism to support the SME bank, without investing on lands and buildings is to cut down on operational costs of the Bank and pass on the benefits to its customers. He invited the regional Trade Chambers to link up with the Bank so that the regional chambers can spread the message among local entrepreneurs. "You all know the requirements of your areas. By linking up with you the Bank will be able to provide an efficient service to the customers islandwide, "he said. The Ministry is already looking at obtaining credit lines through foreign funding and discussions will be held by the end of this month with the European Investment Bank. Already 11 sectors have been identified by the SME Bank to provide credit facilities. With regard to exports the Bank is already working with the EDB and SLECIC. The link up with regional chambers will help the SME Bank to process loans. The National Enterprise Development Authority which is to be set up on the lines of the EDB and BOI will have wider powers to support enterprises in the country. A budget proposal presented in the 2005 Budget, the National Enterprise Authority will act as a one stop shop and concessions offered to foreign investors through the BOI will be extended to local entrepreneurs through the National Enterprise Development Authority. The Authority will have powers to gazette special economic zones to provide these concessions. An Enterprise Development officer will be attached to each of the 320 divisional secretariats who will identify the entrepreneurs in the area to provide them the support. Minister Bogollagama said that "the first regional EDB centre will be opened in Kandy soon. The centre will have the representation of all the institutions under his Ministry where the SMEs in that area will be able to obtain the services without coming to Colombo. There will be an exhibition hall at the centre where you all can display your products. We will organise buyer seller meets for you", he said. Deputy Minister Hussein A Bhaila, Secretary to the Ministry Lal Kumara Gamage, Chairman EDB Brian Angunawela and President of the Federation of Chamber of Commerce Nawaz Rajabdeen were also present. |
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