The US Embassy in Sri Lanka will actively promote tie ups with medium-sized businesses with Sri Lanka companies, U.S. Ambassador to Sri Lanka and the Maldives, Alaina B. Teplitz said.
She was speaking at the Sri Lanka@100, a private sector-led initiative focused on the growth of mid-market enterprises, funded by the U.S. Government’s international development agency, USAID, and administered by Stax that was launched yesterday at the Galle Face Hotel.
.“We believe that medium-sized businesses are the engine that will power Sri Lanka’s prosperity and the United States counter parts too will be keen to engage with local companies,” she said.
She noted that U.S. companies have invested over US$ 300 million in Sri Lanka over the past several decades and expressed hope that this platform would generate more opportunities for mutually beneficial trade and investments between the two countries
Stax Managing Director and Co-Founder of SL@100, Dr. Kumudu Gunasekara, said that the Purpose of the initiative is to enable Sri Lanka to become a high-income country within 100 years of independence (by 2048) — with equitable and inclusive growth fueled by the value creation of mid-market firms. “The Platform will, in particular, support businesses in underserved segments.:
Explaining the rationale behind setting up this Platform, Dr. Gunasekara said, “While we may have been born in a developing country, we don’t have to continue to live in one. We are incredibly resilient as a people, as a nation. Our SME owners and entrepreneurs have weathered many storms to stay afloat.”
Mid-sized firms in Sri Lanka face many challenges when preparing for the next stage of growth—such as dependency on a small domestic market for revenue, limited access to high quality business development services, and lack of access to varied forms of capital.
The SL@100 Platform is building an ecosystem of trusted vendors and partners who can provide such services and also bring innovative ideas to the table to help mid-market firms grow. “We are now accepting applications from mid-sized firms that are seeking support for rapid growth”.
State Minister for Regional Cooperation, Tharaka Balasuriya, also highlighted the importance of supporting medium-scale businesses that have the power to recharge Sri Lanka’s economy. “Programmes such as Sri Lanka@100 help businesses fulfill their potential in an increasingly competitive environment, and will play a large part in the economy’s post-Covid recovery,” he stated. (SS)
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