CMA Sri Lanka presents budget proposals for MSME sector promotion

The CMA Sri Lanka SME Development Committee comprises members from Professional Bodies, Commercial Banks, Chambers of Commerce & Industry and Industry Experts who have been meeting since April 2020 to find solutions and support the SME sector.

- 

CMA Sri Lanka’s Budget Proposals made for the development of the MSME sector that would generate employment to around 100,000 unemployed persons are given below.

We are very happy to seeing the launch of the National Credit Guarantee Institution in June this year and wish to suggest that action be taken to grant loans to Entrepreneurs, and Start up projects with special reference to women.

The committee also wishes to recommend the Setting up of Export Houses to promote exports of MSMEs. We suggest that the Export Development Board should grant the necessary approval to these export houses which will have recognition as exporters linked to MSMEs and also for banks to consider them for financing at favourable interest rates.

The export houses will market the products and services of MSMEs and SMEs in Overseas Markets and will mainly support Local Farming and Fishery communities, Local suppliers - producers - manufacturers, export villages, Service providers such as IT and Suppliers of Technical Skills with International Buyers in the Global Market to increase the MSME contribution towards National Exports from the present 5% to 15% within 3-5 years. The registration with the EDB will give official recognition to the Export Houses and it is requested that EDB supports them when organizing International Exhibitions and this status will also assist them in obtaining bank facilities for undertaking exports.