7443-26371-1-PB - Wayamba Journal of Management 3(2 Creating a Conducive Environment for SMEs in Sri Lanka PRETHEEBA P Department of Business and

7443-26371-1-PB - Wayamba Journal of Management 3(2...

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Wayamba Journal of Management 3 (2) 44 Creating a Conducive Environment for SMEs in Sri Lanka PRETHEEBA, P. Department of Business and Management Studies Eastern University of Sri Lanka SRI LANKA [email protected] Abstract:- Small and Medium Enterprises (SMEs) have been recognized as an important strategic sector especially among the developing countries. This paper intends to study the development of SMEs in Sri Lanka compared with developed Asian country of Singapore. The paper further reviews the empirical studies in order to identify the major contributions and challenges faced by the country. The key message from the study is that Sri Lanka faces several challenges include the absence of adequate and timely finance, limited capital and knowledge, non- availability of suitable technology, low production capacity, constraints on modernization and expansions, non availability of highly skilled labour at affordable cost, follow-up with various government agencies to resolve problems
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