SMEs As A Powerful Hybrid Engine For Development & Prosperity Of A Nation
Sarath Wijesinghe
Small and medium enterprises (SME) is a Universal Concept tested and used worldwide successfully, in underdeveloped, developing and developed world. It is a part of economic strategy using human technology and experience to accelerate the growth to lessen the gap between the rich and poor, eradication of poverty and prosperity of the global population. 600 million jobs are needed in the next 15 years to absorb global workforce and the demands for funds for the humanity is growing every minute at a drastically rapid pace. Impact spreads worldwide with ripple effects on economies in this global cluster sandwiched with modern technology and access to information with a click of a button. No country can live in isolation without the impact of the global realities and it is the duty of the Government Departments on Commerce and Technology, Chambers of Commerce, Universities, Public Private sector should be in the forefront to work hand in hand to meet the future challenges faced by the world more specifically countries with less resources, and less technologically advanced struggling to make ends to meet. SME is a key engine and ideal opportunity to invest, support to widen the gap between rich and poor. It is a moot issue whether the above-mentioned stallholders live up to the expectations on serving the country with their expert knowledge and experience, the country is awaiting for. Country is full of debts, want of developments and investments with utterer uncertainty in the political economic and development culture infested with indiscipline, corruption and inefficiency from top to bottom. It is high time we get together and find a solution or perish together!
Backbone of the economy
SME is the backbone of the economy of a country and critical for job creation and development. It plays a major role in economics of any country. World Bank has estimated 365 to 445 micro small and medium “MSMES” organisations in different capacities and limitations depending on the country and the economic strength acting as a key engine in creating of opportunities and job creation. It is estimated that $ 3.4 billion transections take place small businesses engaged in big businesses. 90% of the world businesses are by SMEs with great economic impact essential for economic productivity. In USA 63% new jobs are created via SMEs. This situation spreads round the world with changes on economic output population and other factors. SME activism depends on the strategies of the government, private sector and the educational institutions on assisting and promoting the stake holders. Do we look after and make use of the backbone of the country with beauty, human resources, and strategically situated and placed on the main sea route passing through thousands of ships close to the newly constructed international Harbour and international Airport.
