In an effort to create a brand name for Sri Lankan made and based products, a Made in Sri Lanka logo with potential for franchising and establishment of e-commerce trade portals and trade stalls islandwide as well as at airports and international centres to facilitate market access for Micro, Small and Medium Scale entrepreneurs will be launched today, Idustries Minister Wimal Weerawansa said.
MSMEs play an increasingly vital role in all the economies in the world and consequently this sector is now considered as the backbone of economies. In Sri Lanka, this sector accounts for about 75% of the total number of enterprises providing 45% of employment and contributing 52% to the GDP.
However, these percentages compared with those in developed and fast developing countries are much less indicating that the Sri Lankan MSME sector should be subjected to further expedited development and converted as a growth-oriented sector. This proposed project is meant to fill this gap through helping grassroots level entrepreneurs to have a greater market and get their businesses modernized through integration, especially with Info Tech and Communications developments. Further, this project helps develop a set of local customers enabling societies to face a disastrous situation such as the one created by the COVID-19 pandemic.
(Daily News)