The UN General Assembly designated June 27 “MSMEs Day” following a resolution authored by the Permanent Mission of Argentina, with the support of the International Council for Small Business (ICSB).
The resolution was co-sponsored by 45 member states, representing more than five billion people.
The 2030 Agenda for Sustainable Development, which aims to end all forms of poverty while protecting the planet, was adopted by world leaders in 2015.
The ICSB acknowledged that MSMEs hold the “potential to make a long-lasting positive impact on global development needs, since they are the engine for economic growth and job creation, accounting for two out of three net new jobs created worldwide”.
ICSB executive director Ayman El Tarabishy welcomed the adoption of the resolution.
“It is estimated that 600 million more jobs will be needed in the next 15 years, especially in Africa and Asia, and small business will absorb this growing workforce,” Mr El Tarabishy said.
“ICSB is glad to see the organisation’s mission of empowering small business reach worldwide distinction. This action reaffirms that member states in every region of the world recognise the vital role MSMEs play in driving sustainable livelihoods and creating a vibrant global economy.”
The resolution recognises the need to improve small business access to microfinance and credit, and also encourages member states to facilitate observance of the day by increasing awareness and actions to support small business.
