MSME or micro small and medium enterprises are crucial to a country’s growth as they form the backbone of the economy. They are companies that usually employ no more than 250 employees, but are responsible for creating more than two-thirds of all jobs worldwide.
Recognizing the potential of SMEs and their role in strengthening economies, June 27 is celebrated as the Day of Micro and Medium Enterprises. The day aims to raise public awareness of the contribution of MSMEs to global economic growth and sustainable development.
The Day of Micro-Small and Medium Enterprises was marked by the United Nations General Assembly in its 74th plenary session on April 6, 2017. The move came after the International Council of Small Businesses (ICSB) 2016 Declaration of the World Conference on the urgent need to recognize the role of MSME in global development.
A resolution was drafted and presented by Argentina’s Permanent Mission to the UN with support from ICSB and co-submitted by 45 member states. Later, June 27 was declared the Day of Micro-Small and Medium Enterprises.
The 2022 theme for the Micro-Small and Medium-sized Enterprises Day has not yet been announced by the United Nations. Last year the theme was chosen as ‘MSME 2021: Key to an inclusive and sustainable recovery’.
According to the United Nations, formal and informal MSMEs account for 70 percent of total employment and 50 percent of GDP. Moreover, the sector makes up 90 percent of all companies. With such an important contribution to the economy, MSMEs are essential for innovation, job creation and productivity growth.
Despite being a key player in job creation, MSMEs face challenges in working conditions, informality and productivity. MSME Day is celebrated to unlock the company’s potential and use it to strengthen the global economy.
Get all the latest news, breaking news, watch top videos and live TV here.