Last year on 27 June United nations celebrated for the first time the Micro-, Small and Medium-sized Enterprises (MSMEs) Day. Those 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), Small and Medium-sized Enterprises (MSMEs) make up over 90% of all firms and account on average for 60-70% of total employment and 50% of GDP.
The General Assembly, recognizing the importance of these enterprises, decided to declare 27 June the Micro-, Small and Medium-sized Enterprises Day to raise public awareness of their contribution to sustainable development: in promoting innovation, creativity and decent work for all.
MSMEs tend to employ a larger share of the vulnerable sectors of the workforce, such as women, youth, and people from poorer households.
Access to finance is often cited as one of the primary obstacles that affect MSMEs disproportionately.
The General Assembly invites all Member States, organizations of the United Nations system and other international and regional organizations, as well as civil society, including non-governmental organizations, academia, individuals and other relevant stakeholders, to observe the Day in an appropriate manner and in accordance with national priorities, in order to raise public awareness of their contribution to sustainable development.
It also invites Member States to facilitate the observance of the Day by fostering research presentations, policy discussions, practitioner workshops and business owner testimonials from around the world.