Today, June 27th, marks International Micro, Small, and Medium-sized Enterprises (MSMEs) Day, a global celebration highlighting the vital role of enterprises in sustainable development and economic growth worldwide.
This year’s theme focuses on leveraging the Power and Resilience of Micro, Small, and Medium-sized Enterprises to Accelerate SDGs and Eradicate Poverty in Times of Multiple Crises and its contribution to Sustainable Development Goals (SDGs) towards the 2030 Agenda.
Speaking during the MSME day event at the UN headquarters, UN Secretary-General António Guterres said, “Today, we recognize their important contributions in creating jobs, growing the economy, and empowering women, youth and marginalized communities.”
He touched on the challenges that exist in the world today, from the high cost of living to the effects of climate change and debts, and explained that small and medium businesses have shown great resilience.
According to a report by the World Bank, 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority for many governments around the world. In emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs.
The COVID-19 pandemic has highlighted both the resilience and vulnerability of MSMEs. Many of these enterprises have faced unprecedented challenges, including disruptions in supply chains, reduced consumer demand, and financial constraints. However, they have also shown remarkable adaptability, innovation, and commitment to sustainability in navigating these turbulent times.
In commemorating International MSMEs Day, global stakeholders, including governments, international organizations, and business associations, reaffirmed their commitment to supporting MSMEs in overcoming existing barriers and unlocking their full potential as engines of sustainable development. This includes enhancing access to finance, fostering an enabling business environment, promoting digital transformation, and integrating MSMEs into global value chains.
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