International MSME Day–27 June 2020
The United Nations General Assembly adopted a resolution recognizing the crucial role of Micro-Small and Medium-Sized Enterprises (MSMEs) play in achieving the 2030 Agenda for Sustainable Development. Resolution (A/71/L.60) designates June 27 as “Micro-Small and Medium-Sized Enterprises Day.”
MSMEs celebrate their day in honour of their work in local and global economies on 27th June, every year. These companies, which regularly employ less
than 250 persons, are the spine of most marketplaces globally and perform a pivotal role in developing nations.
Small businesses, including those run by women and young entrepreneurs, are being hit hardest by the economic fall-out of the pandemic. Unprecedented lockdown measures enacted to contain the spread of the coronavirus have resulted in supply chain disruptions and a massive drop in demand in most sectors.
To continue playing their crucial role in creating decent jobs and improving livelihoods, small businesses depend more than ever on an enabling business environment, including support for access to finance, information, and markets.
Let's not forget that these enterprises, which generally employ fewer than 250 persons, are the backbone of most economies worldwide and play a key role in developing countries.
According to the data provided by the International Council for Small Business (ICSB), formal and informal Micro-, Small and Medium-sized Enterprises (MSMEs) make up over 90% of all firms and account, on average, for 70% of total employment and 50% of GDP.
That is why the General Assembly of the United Nations declared 27 June Micro- Small and Medium-sized Enterprises Day, to raise public awareness of their contribution to sustainable development and the global economy.