National Advisory Committee for SME development begins operations

The National Advisory Committee, which operates with the aim of identifying problems faced by small and medium-scale entrepreneurs and providing sustainable solutions, recently launched its activities with its first session held at the Parliamentary Complex. 

The committee’s operations commenced under the co-chairmanship of Deputy Minister of Finance and Planning. Dr. Harshana Suriyapperuma, and Deputy Minister of Industry and Entrepreneurship Development, Mr. Chaturanga Abeysinghe.

Accordingly, it stated that the advisory committee includes experts from various fields to represent all aspects of small and medium-scale entrepreneurs in accordance with current business needs and challenges. Senior government officials on this committee contribute to policy formulation, state financial management, and policy decisions for public administration procedures, the Finance Ministry said in a statement.

The representation of the Central Bank of Sri Lanka has been included in the committee to obtain the necessary contribution for strengthening access to finance and creating the relevant environment. Through this, it is expected to obtain the necessary contribution to empower the small and medium enterprise sector by regulating the banking sector.

This advisory committee has been structured to ensure proper representation for small and medium entrepreneurs, allowing them to contribute to the formulation of policies and strategies concerning them, the statement added.

In addition, several financial sector experts, bankers, and university professors with authoritative knowledge of business from the education sector have been appointed to this committee. Through this, it is planned to obtain the contribution of all stakeholders who contribute to small and medium enterprise development for this national task. This aims to understand business problems and intervene practically to find sustainable solutions to issues.

According to the Ministry, the main purpose of establishing this committee is to act as a national-level intellectual body for developing strategies for the promotion and development of small and medium enterprises. Additionally, it provides strategic guidance for policy formulation while ensuring coordination efforts of all government and private institutions involved in small and medium enterprise development.

The role of the National Advisory Committee for Small and Medium Enterprises can be described as follows:

• Reviewing and updating the national policy framework for small and medium enterprises in accordance with the government’s development agenda and current development trends.

• Revising, updating, and monitoring the national plan for small and medium enterprises through an inter-ministerial coordination committee.

• Establishing a strong financial framework for small and medium enterprises.

• Establishing a risk rating system for small and medium enterprises when accessing financial facilities.

• Addressing key challenges faced by small and medium entrepreneurs, including building a supportive environment for small and medium enterprises, facilitating technology transfer, promoting research and development, improving market access, and strengthening institutional capacity.

• Providing recommendations for solving major financial challenges faced by small and medium entrepreneurs.