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United Nations designates International MSME Day

By Deepa Srivastava --
Thursday, 09 May, 2024

Galvanizing MSMEs worldwide by supporting women and youth entrepreneurship and resilient supply chains...

The United Nations General Assembly designated 27 June every year as “Micro-, Small, and Medium-sized Enterprises Day”, to raise awareness of the tremendous contributions of micro-,small and medium-sized enterprises (MSMEs) to the achievement of the United Nations Sustainable Development Goals (SDGs).

As per the data available, by the year 2030, we will need 600 million more jobs because more people will be working. This makes small businesses a big focus for governments worldwide. They are the ones creating most of the jobs, with seven out of ten coming from them. In the U.S., almost all the things we sell to other countries (98%) are made by small businesses. If adequately supported, they can effectively contribute to the structural transformation of economies and drive inclusive, sustained, and equitable economic growth and jobs.

MSMEs and self-employed workers serve a core function in the development of economies. Globally, they represent about 90 percent of all businesses and account for over two-thirds of employment. However, multiple simultaneous shocks and crises like conflicts, commodity dependence, geopolitical tensions, and pandemics drive social and economic instability, which disturbs the global working environment for entrepreneurs, make MSMEs extremely vulnerable to rising inflation and supply chain disruptions.

Among the most vulnerable, women- and youth-owned enterprises are often at risk of external shocks. This is when the percentage and overall number of business formations by women and youth are increasing worldwide. We need policies that strengthen capacities and support MSMEs development and entrepreneurship for women and youth, by providing an operating environment for women- and youth-owned businesses to grow, thus contributing to the full achievement and the “leave no one behind” promise of the 2030 Agenda for Sustainable Development and its Sustainable Development Goals (SDGs).

This MSMEs day 27th June, will also focus on supporting resilient supply chains to ensure workers and the environment benefit. In addition, competition and concentration of critical operations in international supply chains can pressure suppliers who are pushed to cut costs to stay in business. Poor working conditions, lack of workers’ representation, unfair wages, unsafe working environments, and reduced attention to environmentally-sound practices generate adverse outcomes.

Therefore, policymakers and businesses must join forces to ensure economically viable, socially, and environmentally sustainable supply chains, which ultimately affect MSMEs and the communities they serve.

United Nations designates International MSME Day . Galvanizing MSMEs worldwide by supporting women and youth entrepreneurship and resilient supply chains...

The United Nations General Assembly designated 27 June every year as “Micro-, Small, and Medium-sized Enterprises Day”, to raise awareness of the tremendous contributions of micro-,small and medium-sized enterprises (MSMEs) to the achievement of the United Nations Sustainable Development Goals (SDGs).

As per the data available, by the year 2030, we will need 600 million more jobs because more people will be working. This makes small businesses a big focus for governments worldwide. They are the ones creating most of the jobs, with seven out of ten coming from them. In the U.S., almost all the things we sell to other countries (98%) are made by small businesses. If adequately supported, they can effectively contribute to the structural transformation of economies and drive inclusive, sustained, and equitable economic growth and jobs.

MSMEs and self-employed workers serve a core function in the development of economies. Globally, they represent about 90 percent of all businesses and account for over two-thirds of employment. However, multiple simultaneous shocks and crises like conflicts, commodity dependence, geopolitical tensions, and pandemics drive social and economic instability, which disturbs the global working environment for entrepreneurs, make MSMEs extremely vulnerable to rising inflation and supply chain disruptions.

Among the most vulnerable, women- and youth-owned enterprises are often at risk of external shocks. This is when the percentage and overall number of business formations by women and youth are increasing worldwide. We need policies that strengthen capacities and support MSMEs development and entrepreneurship for women and youth, by providing an operating environment for women- and youth-owned businesses to grow, thus contributing to the full achievement and the “leave no one behind” promise of the 2030 Agenda for Sustainable Development and its Sustainable Development Goals (SDGs).

This MSMEs day 27th June, will also focus on supporting resilient supply chains to ensure workers and the environment benefit. In addition, competition and concentration of critical operations in international supply chains can pressure suppliers who are pushed to cut costs to stay in business. Poor working conditions, lack of workers’ representation, unfair wages, unsafe working environments, and reduced attention to environmentally-sound practices generate adverse outcomes.

Therefore, policymakers and businesses must join forces to ensure economically viable, socially, and environmentally sustainable supply chains, which ultimately affect MSMEs and the communities they serve.