The Securities and Exchange Commission of Sri Lanka (SEC) together with the Colombo Stock Exchange (CSE) launched “Empower” - the SME Board to attract Small and Medium Enterprises (SMEs) to the CSE thus creating a platform to attract SMEs to the Colombo Stock Exchange (CSE).
Under a programme to launch a series of new Capital Market Development Initiatives proposed by the new SEC Chairman, Ranel T Wijesinha, this launch, will for the first time in the history of the country and the history of the SEC and CSE, establish a dedicated platform for the SMEs.
Chairman SEC, Ranel Wijesinha said this is bound to Empower Entrepreneurship, Making the Capital Market work for the SMEs.
“ Sri Lanka, has achieved considerable progress in many areas, within a South Asian context, but it is yet an Emerging Economy in the larger Asia Pacific region, within which it can be a truly formidable player. We have yet to realise our full potential and we have been saying this for too long.”
“But growth must be balanced, growth must be honest and wholesome and most importantly, sustainable. If we are to achieve economic growth with equity, across the length and breadth of the country, with balance in economic development and employment, between the city and the rural village and between agriculture, industry and services, and among and between representatives of religions and communities, there is a compelling national imperative the country has to address.”
“We transitioned from a closed and insular country, to an open and outward looking country, with an export led growth strategy in 1977, 41 years ago. but yet, the SME sector, has not achieved the level of growth so vitally necessary, for this yet Emerging Economy,” he added.
Chairman of the CSE, Ray Abeywardena said, “The SME Board will offer a new avenue to drive Sri Lankan SMEs through their next phase of evolution, by offering a unique proposition and an opportunity to access a deep pool of international and domestic capital.” “Apart from access to capital, the new listing platform will offer SMEs opportunities to build credibility through disclosure of information and balanced governance standards, which would enhance their visibility and attract strategic investors.”
“The new listing platform has the potential to make an all-round impact, bringing a positive change and shaping the stature and longevity of an SME for years to come”.
The launch is scheduled for July 5, at the BMICH.