Industries Ministry to maximise business opportunities for MSMEs
The Ministry of Industries and Enterprise Development is leading an effort for the country to become a globally competitive, export-driven economy — on the back of the impact of US trade tariffs — with key institutions like the National Enterprise Development Authority (NEDA), Small Enterprises Division, Industrial Development Board, the Export Development Board, and National Productivity Secretariat working together to develop a national policy framework.
According to the Chairman of NEDA, Lakshman Abeysekera, one of the flagship initiatives under this mission is the “Brain into Business” with the university system and other educational sectors, which focuses on converting intellectual capital into economic impact. “This programme is designed for individuals with innovative ideas, especially youth, graduates, and researchers, who lack the resources or knowledge to turn those ideas into thriving businesses. It includes idea validation, ability building in marketing and finance, mentorship from experienced industry professionals, funding opportunities, incubation support, and exposure to investor networks,” he told The Sunday Times Business on Wednesday.
NEDA has launched the Business Research and Development (BREAD) Centre and Incubation Centre as a pilot project with Wayamba University and is developing a National Incubator Policy framework with the Ministry, relevant ministries, universities, the private sector, and other stakeholders.
This private-public partnership initiative will invite all stakeholders to set up incubators and common processing and working spaces for start-ups under a National Incubator framework, Mr. Abeysekera added.
Incubation Centres provide start-ups, particularly in rural and semi-urban areas, with co-working spaces and administrative support, including registration of business, quality assurance, branding, market connectivity, business development training, access to finance, and digital transformation guidance.
“A policy framework is being established to support Micro, Small, and Medium Enterprises (MSMEs), aligning university research with market demands, facilitating commercialisation, and integrating private and public institutions into a unified national business acceleration ecosystem,” Mr. Abeysekera said further.
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