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Tuesday, 1 February 2011

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Boost for SMI sector industries

The Government aims at upgrading 5000 small industries to medium level and 200 medium level industries to large scale industries on an annual basis. Traditional Industries and Small Enterprise Development Ministry Secretary V Sivagnanasothy said the SME sector is a prime force of value creation in the economic development of the country and the sector will be stimulated by improving marketing opportunities through promoting backward and forward linkages with large scale and foreign enterprises.

He was speaking at the launch of the national program to mobilize SME scale entrepreneurs at the Foundation Institute yesterday.

Development of subcontracting arrangements will form these linkages and will facilitate SMEs to expand their operations.

He said the objective of setting up this umbrella organization is to encourage, strengthen and empower them to achieve the development goals.

The Sri Lanka Federation of Industrial Association will facilitate SMEs to find solutions to their problems, in diversifying industries and manufacturing quality products through application of appropriate technology. Industrial Development Board Chairman (IDB) Udaya Sri Kariyawasam said 144 associations have been set up already under divisional secretaries and 21 district level associations also will be set up representing the regional level associations and other allied organizations in the industrial sector.

These associations at regional, district, and national levels will be monitored by a steering committee comprising a senior IDB officer, two officials representing public and private sector banks and a specialist in the industrial sector along with a representative of the Chamber of Industries and Commerce.

Kariyawasam said funds will be accured through membership fees, financial allocations, implementation of development projects, obtaining allocations for purchase equipment raw materials from government and non governmental organizations in keeping with the objectives of the federation, obtaining loans will be put in place for the benefit of the SMEs.

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