The Cabinet of Ministers has approved a joint proposal submitted by the President and the Minister of Industries to establish a new entity named “Enterprise Sri Lanka” to support small and medium-scale entrepreneurship (SMEs).
This entity will focus on restructuring the institutional and legal frameworks of several existing organizations, including the Export Development Board, National Entrepreneurship Development Authority, Industrial Development Board, Sri Lanka Export Credit Insurance Corporation, and the Small Enterprises Development Division of the Ministry of Sports and Youth Affairs.
Accordingly, the Legal Draftsmen have been instructed to formulate a draft bill to facilitate this process, the government said.
This decision was made after a comprehensive review of international best practices and in recognition of the need for a consolidated agency to monitor and develop SMEs more effectively. (Newswire)