Abstract:
The majority of economies, especially those in emerging countries, rely on small and
medium-sized businesses (SMEs). Small and medium-sized enterprises (SMEs) make for
the vast majority of firms globally, and they play a significant role in employment
generation and global economic growth. SMEs that are more forward-thinking generate
process and product technologies that push the technological envelope. Countries in South
Asia are already coping with rising commodity prices, supply constraints, and financial
sector problems. The rise of SMEs in Sri Lanka is compared with the growth of Singapore,
a prosperous country of Asia, in this study. The paper then examines empirical studies to
figure out the country's main valuable contribution and difficulties. The article's main
takeaway is the multitude of obstacles that Sri Lanka faces, counting a lack of adequate and
timely finance, capital, experience ,appropriate advanced technologies, poor production
capabilities, restrictions on industrialization and expansion, an inability of highly skilled
workforce at an affordable rate, and following up with numerous government entities to
resolve issues. According to the study, Singapore has a world-class tele-communications
network, transportation, infrastructures and technology, which has been contributed
country’s reputation as an attractive location for Small and Medium
Enterprises. Furthermore, substantial financial assistance, consulting services
and training are essential for making the surroundings more efficacious. Small and Medium
Enterprises of SMEs in Sri Lanka suffer the same issues as their counterparts in other
countries in Asia. The study's objective is to highlight the difficulties and give a few
recommendations for building a viable structure for SMEs in Sri Lanka.
