Seylan Bank continues to empower local SMEs

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Recognising the immense potential SMEs have in the Export category, and with the aim of strengthening the economy of the country further, Seylan Bank conducted an export
-oriented workshop for Small and Medium Enterprise owners in partnership with the Ceylon Chamber of Commerce, a spokesman said.

 Whilst due attention is paid to SMEs in general, Seylan Bank aims to go beyond the usual boundaries and focus strongly on the export potential of this sector. According to the International Finance Corporation, the SME sector, with over one million SMEs, accounts for 75% of all businesses, making up a large part of Sri Lanka’s economy. Furthermore, around 45% of employment in Sri Lanka relies on effective functioning of SMEs. Within this context, many SMEs in the manufacturing sector, majority being indirect exporters, are interested in entering the export market, but the knowledge gap they have about export related functions and planning of financial elements, deprive them from doing so. Seylan Bank, with its expertise and knowledge about the sectors, can guide and mentor the budding exporters to tap into the export market successfully. This support and encouragement is set to boost both the SME and Export sectors and thereby strengthen the national economy further by creating more avenues for foreign earnings, he said.

 The important topics were discussed at the workshop including export audit, market research, and market access, as well as helped SMEs plan the export journey and build a comprehensive export strategy to enter the global market. In addition, the session educated the participants about payment methods and risks of international trade while introducing the relevant financial services available at Seylan Bank. The workshop was facilitated by Upul Dassanayake – Director/ Co-founder of VSSL Global Pvt. Ltd., an International Consultant, Corporate Trainer, C-level Executive Coach and Lecturer with over 20 years of experience along with senior banking officials from Seylan Bank, the spokesman said.