Industrial Development Board and Ceylon Federation of MSMES sign MOU
The Ceylon Federation of Micro, Small and Medium Enterprises (MSMES) and Industrial Development Board (IDB) signed their first memorandum of understanding (MOU) at the Katubedda IDB office recently.
The public-private partnership is aimed at actualising the export-oriented economy, according to the federation.
“We are extremely happy to collaborate with the private sector and we believe they can do a lot. Industrial development is the only way out for recovery in the nation and the IDB cannot empower the sector alone. At this point, I even believe that the country should place entrepreneurs at the top of the social hierarchy,” IDB Chairman Dr. Saranga Alahapperuma commented during the agreement signing.
Sri Lanka still has a difficult environment for entrepreneurs, as it records a mere 3 percent rate in start-ups, according to Dr. Alahapperuma.
Therefore, the country needs rigorous empowering initiatives for entrepreneurship development.
“It’s an honour to share our vision with the IDB as the private sector. The Ceylon Federation of MSMES is a platform for all the associations and federations championing the growth of MSMES. We want to onboard everyone and work towards solutions with a positive mindset,” Ceylon Federation of MSMES President Sashika De Silva said.
Sri Lanka is in its pivotal moment in the journey towards catalysing the growth of MSMES in the country and it’s vital to recognise the integral role of the sector in making the nation a developed county, the federation said.
The Ceylon Federation of MSMES identifies itself as an apolitical group, representing 1.1 million formal MSMES in the country. The federation group was officially launched last April as a lobby group, championing effective solutions to the plights of the MSMES in the country.