Authority for small-time entrepreneurs

NEW LEGISLATION: Parliament yesterday passed a Bill for setting up the National Enterprise Development Authority Bill presented by Minister Rohitha Bogollagama.

Bogollagama, Minister for Industries and Enterprise Development, said the new Authority will help small-time entrepreneurs. More than 200,000 people involved in the Small and Medium Scale enterprises will benefit.

He said the new Authority will promote these entrepreneurs locally and internationally. The provision of infrastructure facilities, new technology and research facilities for them are among other objectives.

The Minister stressed that developing local enterprises was vital to build the national economy, adding that Rs.100 million has ben allocated from the last budget for establishing this Authority.

He said the Government was committed to develop the SME sector.

"One of the major setbacks for domestic entrepreneurs is the lack of modern technology.

We hope to bring in state-of-the-art technology to local enterprises. This will enable them to enter the international market," the Minister explained.

The Authority will have the powers to forge links with companies for the furtherance of its aims to foster the SME sector.

This is just one of the progressive measures being taken by the Government in line with the Mahinda Chintana, the Minister said.

"Small-scale entrepreneurs are the backbone of the country's economy. We shall build the national economy by developing local enterprises."

He noted that the absence of an Authority for this subject was strongly felt, although similar Authorities have been established for many other fields.

He urged Members on both sides of the House to support this Bill.