COSMI to promote MSMEs and SMEs | Sunday Observer

COSMI to promote MSMEs and SMEs

20 October, 2019
Ramal Jasinghe
Ramal Jasinghe

The Confederation of Micro, Small and Medium Industries (COSMI) was set up recently to provide a strong push to promote Micro, Small and Medium Industries in order to make them a vibrant force in our export drive.

“The COSMI was set up with the intention of facilitating a ‘one stop shop’ service delivery for micro, small and medium industries. This effort is expected to enable this sector to be included in the country’s export drive in a sustainable manner because our value addition is below 30 percent at present. Value addition will support a successful economy and COSMI will pave the way for this ensuring greater local input in export commodities,” COSMI Director and Immediate Past President National Chamber of Exports, Ramal Jasinghe said.

“There is a disconnection between marketing and product development. We need to bridge the gap between ideas of inventors and marketing techniques as well as research and development for greater product development,” he said. A person who has an idea can visit COSMI as it provides one stop shop services which has expertise in marketing, research and development with expert knowledge on packaging to improve products to a particular market.

The COSMI caters to this gap looking into the development of the entrepreneurs. To this end there is a multi talented team comprised of Board of Governors and Board of Directors along with expert panel. The main focus would be to include micro, small and medium industries in to the value chain.

The global concept of the value chain has changed to provide market opportunities in each stage and it is necessary to pool resources for investment. We will support entities which are already in business and prospective business falling under micro, small and medium category, the Founder President of COSMI, Nawaz Rajabdeen said.

“The COSMI will have special attention for enhancement and development of women entrepreneurs. It will support them to access for finance and also encourage access to digital platforms with a view to create linkages with industries. They will be assisted to participate in global export forums, to create awareness and improve networking beyond barriers. This will drive them to trade on their own and support the economy,” he said.

This initiative is expected to develop the entire spectrum of industry while ensuring upward growth. It will support backward integration through expertise and knowledge dissemination to make this sector a force to reckon with, he said.

Incorporated this year, as a non-profit organisation, limited by guarantee, to revive and foster the industrial sector in Sri Lanka through MSMEs, COSMI will play a leading role in harnessing the potential of this sector. Founded by a group of highly respected individuals from the Chamber Movement in Sri Lanka, the membership represents a cross-section of the industrial sector.

An important feature of COSMI is the Advisory Panel consisting of leading academics and professionals in relevant domains, such as agribusiness, agri-based research and development, Market research and analysis, growth strategy consulting, and corporate training, business restructuring, entrepreneur development, women empowerment, sustainable energy and cleaner production, advanced machinery, supply chain, logistics, business feasibility study and project proposals and others. Preliminary assistance to shall be provided free of charge for MSMEs that are registered with COSMI. Subsequent services may be charged a reasonable and affordable fee, evaluated on a case-by-case basis.

Industrial MSME Categories include Manufacturing and processing in rubber and plastic based, tea, leather, metal, fibre, paper, furniture and furnishing, woodworking, gem and jewelry, coconut and coconut based, agri-business and agricultural products, recycling of paper, plastics, rubber and industrial waste, printing and packaging, light engineering, tools, hardware and allied machinery.

In its business intervention strategy COSMI will also give priority to alignment with Sustainable Development Goals, principle of circular economy, harnessing regional technology, developing a strong service sector to support industrial MSMEs, establishing local and international affiliations and collaborations and follow the success factors for SME competitiveness identified by the ITC.COSMI will also give special attention to the development of industrial MSMEs in the North and East regions and have already identified several potential projects that could be easily and successfully implemented in these regions.