FCCISL Back to Business pioneers MT transfer initiative to MSMEs

INITIATION: The Back to Business Project of the Federation of Chambers of Commerce and Industry, Sri Lanka (FCCISL), initiated the first Management Technology transfer initiative for the tsunami affected MSME sector in Sri Lanka with the Royal Government of Netherlands and USAID.

The comprehensive approach of the project, which went beyond the traditional boundaries of limiting assistance to mere financial aid in terms of grants or credits has helped to create a sustainable, upwardly mobile livelihood and SME sector.

Emphasis on providing corporate and market linkages and technical assistance for capacity building has helped entrepreneurs to build back better and even enter international markets, FCCISL President Nawaz Rajabdeen said.

60 MSMEs who have been revived under the project were awarded computers, printers and other accessories along with a local trilingual accounting software. This is the first batch of 360 such enterprises that have been selected under this project, implemented in partnership with USAID.

"Abhiyudaya", a multilingual proprietary accounting package developed by Simula Corp (Pvt) Limited, is Sri Lanka's first comprehensive accounting software which is fully functional in Sinhalese, Tamil and English.

This will provide MSMEs much needed formal accounting system (including budgets), stock management and other key information for management decision making for their enterprises.

"The Back to Business project was an invaluable opportunity given to the Sri Lankan trade chamber movement and their apex body the FCCISL to prove by example that donor funded projects can be made more effective and meaningful if they are managed by the private sector.

The lack of transparency, good governance and result orientation have plagued donor funded projects in the developing world for decades.

However, the Back to Business project has served as a prime example to show that the catalytic role played by the unique management skills of the private sector.

Therefore we urge donors to increase the involvement of the private sector in economic development activities, especially in SME development and regional development," FCCISL Secretary General and CEO Samantha Abeywickrama said.