The Cabinet of Ministers granted approval to the joint proposal by President Ranil Wickremesinghe as the Investment Promotion and Industries Minister to establish an institution named ‘Enterprise Sri Lanka’ as one entity dedicated for small and medium scale entrepreneurship, Cabinet Spokesman and Mass Media Minister Dr. Bandula Gunawardhana said.
Speaking at the media conference held yesterday at the Government Information Department to inform the decision taken at this week’s Cabinet meeting, Minister Gunawardhana said that this institution is scheduled to be set up through redesigning institutional and legal framework of 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 and to direct the Legal Draftsmen to formulate a Draft Bill in relation to that.
Considering the international best practices, initiation of a consolidated agency for monitoring and development of small and medium scale entrepreneurships more productively has been recognized followed by a review carried out with assistance of subject experts.
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