Celebrating MSME Day 2023

Micro-, Small and Medium-Sized Enterprises (MSMEs) are the backbone of economies worldwide, playing a crucial role in job creation, innovation, and inclusive growth. Recognizing their pivotal role, the United Nations organises annually MSME Day on 27th June to raise awareness of their significance in achieving the Sustainable Development Goals. This year, MSME Day 2023 aims to empower MSMEs worldwide by supporting women and youth entrepreneurship and resilient supply chains, aligning with some of the core values promoted by the European SME Week.

In today's dynamic and challenging business environment, multiple shocks and crises have impacted entrepreneurs and MSMEs. Conflicts, commodity dependence, geopolitical tensions, and pandemics have created social and economic instability, making MSMEs vulnerable to supply chain disruptions and rising inflation. Supply chains are the lifeblood of global trade and commerce. However, conflicts, disasters, and pandemics can disrupt their functioning, leading to increased costs and difficulties in conducting transactions.

Recognising the importance of resilient supply chains, MSME Day 2023 aims to bring policymakers and businesses together to ensure economically viable, socially responsible, and environmentally sustainable supply chains. Fortifying supply chains will minimise the adverse impacts of external shocks and ensure the well-being of workers and the environment.

Among the most vulnerable groups, women and youth-owned enterprises face additional hurdles. Although the number of businesses led by women and young entrepreneurs is increasing globally, they often encounter limited access to affordable finance, capacity-building support, partnership networks, and global markets.

Addressing challenges head-on

MSME Day 2023 aims to address these challenges head-on. By strengthening capacities and supporting the development of MSMEs owned by women and youth, the event aims to lower and eliminate barriers, enabling a conducive operating environment for these businesses to flourish. Prioritising women and youth entrepreneurship will make it possible to fulfil the "leave no one behind" promise of the 2030 Agenda for Sustainable Development.

Policymakers, businesses, and development partners need to collaborate to lower barriers, improve access to finance, foster innovation, and create an enabling business environment for MSMEs to thrive. Together, we can unlock the full potential of MSMEs and pave the way for sustainable development, inspiring innovation, creativity, and decent work for all.

In this regard, MSME Day shares common objectives with the EU SME Week – specifically promoting entrepreneurship and providing budding entrepreneurs with the information and support they need to set up their own businesses. We encourage the SME Week community to get involved with MSME Day 2023 and follow the livestream here [Part 1] and here [Part 2].