An imperative for digital innovation in Sri Lanka has helped small and medium enterprises (SMEs) realize that they must embrace digital transformation to engage with their key stakeholders to maintain relevance, reach new customers and drive the conversation. However, few realize how fast the change needs to happen, or how transformational it needs to be.
The Ministry of Industry and Commerce has identified SMEs as a strategic sector in the Government’s overall policy objectives. The vast majority of SMEs are believed to be a driver of change for inclusive economic growth, regional development, employment generation, and poverty reduction.
SMEs account for more than 75% of the total number of enterprises in Sri Lanka, provides 45% of the employment and contributes to 52% of the Gross Domestic Production (National Policy Framework for Small Medium Enterprise Development, Ministry of Industry and Commerce). They also promote broad-based equitable development and provide more opportunity for female and youth participation in the economic development of the country.
In a bid to support the national agenda and implement measures to boost growth in this sector, Microsoft has gone to great lengths to help local SMEs with access to funds, technology, and the technical know-how to expand their enterprises.