SMEs suffer from lack of exposure to entrepreneurial culture and modern technology - Minister Wimal | Daily News

SMEs suffer from lack of exposure to entrepreneurial culture and modern technology - Minister Wimal

Although small and medium enterprises play a pivotal role in the social economic aspects, it . As a result, entrepreneurs are deprived of opportunities to participate in global value chains,’’ said Minister of Industries Wimal Weerawasna.

He made these remarks addressing the second Regional Conference on Industrial Development 9RCID) in Indonesia yesterday which was attended by President of Indonesia, Joko Widodo, Minister of Industry Indonesia Argus Gumuwang Kartasasmita and several other officials.

It is estimated that the small and medium enterprises account for 90% of the total enterprises and 45% of the total employment opportunities in Sri Lanka. It has around one million establishments and provides livelihood for nearly 2.25 million families of the country.

“We all know resource utilization efficiency also plays a prominent role in sustainable development. Even though Sri Lanka is blessed with rich natural resources, and there is tremendous potential, those 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 Enterprises to modern technology in other countries and also developing support systems for quality improvement and marketing.”

In addition to that, to strengthen SMES related human resources, we intend to develop entrepreneurial culture by recognizing and guiding talented persons from school level to entrepreneurship and also developing training modules to address the manpower needs and demand in all sectors. Although we have recently been severely hit by the C-19 pandemic, we have managed to turn around ourselves from red zone to green zone as a nation. Our government has taken further steps to control the potential impact of the pandemic situation and to restore the 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 act which is three decades old. This is to facilitate a favorable legal framework.”

“Moreover, I firmly believe regional corporation shall enhance the capability to accelerate the process of technology transfer, improve resource utilization efficiency and requirement for circular economy and lead us to achieve the objectives of the Bali agenda for Industry.’’

“On a global level, we have seen what positive collaboration can yield in sectors such as industry development technology and how it enables the true meaning of shared economy. Hence as a country and a region, we should aim to leverage opportunities and work together to future proof the industrial sector. I believe that it will help our economies survive and thrive creating a ripple of positive impact across our citizens, entrepreneurs, economies, and countries.”

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