📈 Sri Lanka Unveils 'SME NEXUS' Strategy to Build US$ 300 Bn Economy

The Government has launched the first-ever National SME Strategy Framework aimed at tripling the national economy to US$ 300 Bn by transforming the SME sector into a modern, competitive ecosystem. • Economic Targets & Impact: Current SME GDP contribution: 52% (Target: 80%) Workforce employment: 45% (Target: Significant increase) Current footprint: MSMEs represent 75% of all registered businesses. • Strategic Outlook: The "SME NEXUS" framework operates on a five-pronged outlook focusing on transformational growth, market orientation, and creating an entrepreneurial society. Implementation will follow 11 pillars, including technology and digital enablement, access to finance, and value chain integration. • Key Objectives: Elimination of "siloed" institutional operations through integrated service delivery. Addressing top constraints: Tax rates, licensing, and access to finance. Fostering a new generation of entrepreneurs to compete in global markets. • Collaboration: Developed by the Ministry of Industry and Entrepreneurship Development with support from Australia Aid, the World Bank, and the ADB. The framework is designed to be evolving, with ongoing reviews by stakeholders to ensure it meets shifting market demands.