SMEs suffer from lack of exposure to entrepreneurial culture and modern technology – Minister Wimal
Although small and medium-sized enterprises play a central role in socio-economic aspects, they do. As a result, entrepreneurs are deprived of opportunities to participate in global value chains, ” said Minister of Industries Wimal Weerawasna.
He made the remarks addressing the Second Regional Industrial Development Conference (9RCID) in Indonesia yesterday, which was attended by Indonesian President Joko Widodo, Indonesian Industry Minister Argus Gumuwang Kartasasmita and several other officials.
Small and medium-sized enterprises are estimated to account for 90% of total businesses and 45% of total employment opportunities in Sri Lanka. It has around one million establishments and supports nearly 2.25 million families in the country.
âWe all know that efficient use of resources also plays a key role in sustainable development. Even though Sri Lanka is blessed with rich natural resources and enormous potential, these resources are generally underutilized. To overcome these difficulties, we are currently focusing on raising funds for research and development, developing technology transfer mechanisms, exposing small and medium-sized enterprises to modern technology in other countries and developing support systems for quality improvement and marketing.
In addition to this, to strengthen the human resources related to SMEs, we intend to develop the entrepreneurial culture by recognizing and guiding talented people from school level to entrepreneurship and also developing training modules to meet the labor needs and demand in all sectors. Although we have recently been severely affected by the C-19 pandemic, we have managed to move from the red zone to the green zone as a nation. Our government has taken further steps to control the potential impact of the pandemic situation and to restore social and economic conditions in the country. At present, we are effectively forming a new policy for the industrial sector which will include amendments to the industrial promotion law which dates back three decades. This is to facilitate a favorable legal framework.
“In addition, I firmly believe that the regional company will strengthen the capacity to accelerate the process of technology transfer, improve the efficiency of resource use and the requirement of a circular economy and lead us to achieve the objectives of the Bali agenda for the industry. “
âGlobally, we’ve seen what positive collaboration can produce in areas such as industrial development technology and how it enables the true meaning of the shared economy. Therefore, as a country and region, we should aim to take advantage of the opportunities and work together to make the industrial sector sustainable. I believe this will help our economies to survive and thrive by creating a wave of positive impact on our citizens, entrepreneurs, economies and countries. “