COSMI to revive industrial MSMEs
Originally published in the Daily News, Friday, October 18, 2019

Founder members of COSMI at the launch. Picture by Saliya Rupasinghe

With the prime objective of bailing out closed Micro SME enterprises and giving support to starting new ventures the Confederation of Micro, Small and Medium Industries (COSMI) was incorporated on Wednesday in Colombo.

This will be a non-profit organization, limited by guarantee, to revive and foster the industrial sector in Sri Lanka through MSMEs.

Founded by a group of experienced former Chamber members are drawn together by a single vision to “be the voice of the industrial MSMEs in Sri Lanka”.

Chairman, Hashim said that over the past decade around 30% of 1.5 million SME enterprises mostly from the North East have shut down and their first priority would be to try to review them. “We will also try to assist and guide new companies to be formed and they will be also provided technical assistance by our experienced members.”

“These also include Market research and analysis, growth strategy consulting, 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.

The Panel will play a major role in helping foster and empower MSMEs and bridge prevailing knowledge and technology gaps.

“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” said Founder President of COSMI.

“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.”

COSMI is the brainchild of Nawaz Rajabdeen, a visionary business professional who has energetically served the chamber movement for over four decades. He was unanimously nominated as the Founder President of COSMI.

The COSMI Founder Members comprise of a Governing Council and Board of Directors. The Governing Council is lead by Mackey Hashim (Chairman) with members Dudley Thambinayagam, Dr Rohan Karunaratna, Dr. Jagath Peiris and Hui Dias Bandaranayake. The Board of Directors include Nawaz Rajabdeen (Founder President), Indhra Kaushal Rajapaksa (Vice President), Keerthi Gunawardane, Ramal Jasinghe, Ayanthi Gurusinghe and M. Rajarammohan.

MSMEs are now invited to register with COSMI for a nominal fee to obtain a wide range of benefits and support in their industrial and business activities. (SS)