Sri Lankan SMEs in UK
By. Through the Daily FT
As a new initiative aiming to reach out to potential Sri Lankan startup SMEs in the UK, a promotional event titled “Sri Lanka Business Promotion Dialogue” was organised by the High Commission of Sri Lanka in London, jointly with NLC Consultants – UK. Delivering the opening remarks, Minister (Commercial) of the High Commission, Somasena Mahadiulwewa elaborated on the goals to be achieved through a series of events which are to develop businesses of Sri Lankan entrepreneurs in the UK, including promoting and creating an international market for Sri Lankan origin products in the UK, and enhancing the related employability for Sri Lankans in the UK etc.
Minister (Commercial) Mahadiulwewa also mentioned that this is the first event of this kind organised by the High Commission of Sri Lanka in London and it will continue to hold several similar events in other regions of the UK. He also stated that following the series of events, a dedicated SME Entrepreneurs’ Hub is expected to be established at the High Commission, in line with the vision of the new Government and under guidance of the Ministry of Foreign Affairs, Foreign Employment and Tourism, and the other related ministries in Sri Lanka.
During the event, Sonic Builders, London Fellow Chartered Accountant and Managing Director Ranganath Abeykoonge shared his business experience among the participants. Managing Director Abeykoonge who has working experience at many UK companies including at TK Maxx, delivered a presentation on the success story of his own company while encouraging, particularly young Sri Lankans to grab any business opportunities in the UK while creating new job opportunities for fellow Sri Lankans. Sri Lanka AAT Council Past member Thilak Dharmarathne who is an MBA holder, and NLC Consultants – UK Director, addressed the gathering and delivered a presentation on how to develop and penetrate into new business opportunities.
A panel discussion headed by Minister (Commercial) Mahadiulwewa was also held as part of the event. During the discussions, a panel of experts shared insights into several key areas: Chartered Accountant, Nayana Kularathne on keeping company accounts and tax files etc.; Sri Lankan lawyer and NLC Consultants – UK Director Heshan Mathugamage on company business startup; UK Solicitor Mohamed Sameen on legal process related questions and HR Consultant, Kosaka Perera on the UK’s HR and employment policies etc.
Minister (Commercial) Mahadiulwewa also shared details on the duty free opportunities available for Sri Lankan exporters to enter the UK market under the UK’s Developing Countries Trading Scheme (DCTS), a facility formally announced by the UK authorities on 19 June 2023. He also outlined the UK’s regulations on the requirements of product labelling, food and other product standards for the benefit of potential participants.
A brief list of the existing and potential export items from Sri Lanka to the UK and the details for investment and tourism related opportunities available in Sri Lanka were briefly presented by Minister (Commercial) Mahadiulwewa during the Q&A session.
This first interactive dialogue was attended by 30 potential Sri Lankan entrepreneurs in the UK. The dialogue was carried out in Sinhala, Tamil and English, and the next dialogue would be held in Manchester in April 2025.