UN honors entrepreneurs on MSME Day 2022

The world will mark International Micro, Small and Medium-sized Enterprises Day 2022 on June 27, with “resilient recovery” the focus of this year’s celebration.

The celebration will be held to “honor the entrepreneurs in societies everywhere as they face the triple threat of Covid, conflict and climate,” said the International Trade Centre (ITC).

This is the fifth anniversary of MSME Day, which the UN General Assembly created to build awareness of the contribution of small businesses to job creation, economic growth and thriving communities.

ITC executive director Pamela Coke-Hamilton in her message ahead of MSME Day stressed the acuteness of the challenges faced by small businesses as Covid, conflict and climate redefine supply chains, reframe health needs and restructure businesses of all sizes.

“MSMES must be at the center of any recovery. They are the backbone of societies everywhere and also the most vulnerable to the triple threat that faces us today. Working to make these firms more resilient is the cornerstone to achieving a world where trade builds inclusive, sustainable and prosperous economies,” she said.

The UN, in honoring MSMEs this year, said small businesses are more than ever in need of support, as they navigate the impacts of the COVID pandemic, conflicts and the climate crisis. They are the hardest hit by these multiple shocks, and at the same time play a critical role in building back stronger.

“MSMEs have to become more resilient to future shocks, and efforts and stimulus packages must target those most heavily affected by disruptions to global supply chains, rising inflation, and the continuing ramifications of the COVID-19 pandemic,” the UN said.

“Policymakers must move beyond recovery and consider ways in which to lower and eliminate barriers faced by MSMEs, improve the business environment and access to finance, markets and technology in these fragile times. It is critical that countries and their development partners continue to support and empower MSMEs and unlock their full potential through inspiring innovation, creativity and decent work for all,” it added.

MSMEs account for 90% of businesses, 60% to 70% of employment and 50% of GDP worldwide. They contribute significantly to local and national economies and to sustaining livelihoods, in particular among the working poor, women, youth, and groups in vulnerable situations.

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