Eighteen community and industry organisations signed a Memorandum of Understanding (MoU) with the Faculty of Business Studies, University of Vavuniya.
The purposes of this intervention are to speed up the resumption, successful recovery and development of the MSM enterprises and household livelihood ventures through effective management of the recovery phase.
The approach proposed in achieving the purpose is service facilitation and focused knowledge base management. The faculty will be the centre and play the role of a Hub. Service facilitation refers to providing and facilitating access to necessary services for the successful resumption, recovery and development of the MSM enterprises.
Along with the period and progress of the sectors in the region, the requirement and nature of intervention may change with evolving contexts. The service facilitation and focused knowledge-base management will remain the core strategy and will contribute to the advancement of the sectors in the long run.
The Faculty of Business Studies, University of Vavuniya successfully enters into the 25 years of service excellence from its inception in 1997 to 2022. The faculty vision is to be a nationally renowned faculty in business education. The faculty moves forward to produce dynamic leaders to outperform in the challenging business environment through the highest quality of teaching, learning, research and industry and community engagement.
The faculty extends the networking and collaborations with the stakeholders for increasing the shared capacities for well serving the students and community. These MoUs with the eighteen community and industry organisations promotes the pursuance of common interests, in promoting and developing the principles, techniques and practices of Business and Project Management to optimise the utilisation of Human Resources at the National and International Level shared by the faculty and community and industry organisations, agree to enter into this Memorandum of Understanding to develop mechanisms for collaboration.
This community and industry collaboration is expected to lead to the implementation of internship training and placements for Undergraduates and Graduates. Further, this collaboration promotes jointly organise field/exposure visits, capstone projects, educational programs, seminars, workshops, conferences, research activities, publications and joint community projects of mutual interest.
Especially, the faculty developed a concept of regional Micro, Small, and Medium (MSM) enterprise development by establishing a multi-stakeholder network with the stakeholders. The faculty establishes a multi-stakeholder facilitation Hub and contribute to the progressive recovery and development of the MSM sector.
These collaborating efforts try to address partially the present economic crisis of the country by developing MSM enterprises in the region. The faculty envisages being a driving force and to work together with all necessary stakeholders to contribute to the quick recovery and development of MSM enterprises and household livelihood ventures.