Jul 17, 2017

EU extends massive financial support for Sri Lanka's SMEs

The European Union, through International Trade Centre of Geneva has extended support for a large scale SME development project in Sri Lanka” The Ministry has commenced a four year project to increase the SMEs' trade competitiveness in regional and EU markets using this fund. The budget is a huge US $ 9 million or 8 million euros.

This project, which is of four years, aims to enhance the export competitiveness of our SMEs, efficiency of cross-border procedures and SMEs’ capacities to comply with cross-border procedures, improve compliance and quality infrastructure services to meet quality and requirements in the regional and EU markets and increase SME competitiveness in export-oriented sectors such as spices, food and ITO/BPO industries.

Sri Lanka has more than one million registered SMEs, each employing three persons on average. Taken together with other micro enterprises and SMEs that are not registered, the sector’s presence is weightier with a sizeable contribution to the economy –an estimated 52 percent of GDP.