The International Trade Centre (ITC) has reiterated that micro, small and medium-sized enterprises (MSMEs) will be crucial to end extreme poverty by 2030.
Members of the United Nations family under the Sustainable Development Goals had also set this target.
To this end, the ITC stressed the need for all â€“ in the public and private sectors- to support MSMEs to generate decent jobs, innovate, and promote growth by making it easier to do business, at home and across borders.
ITC Executive Director, Arancha GonzÃ¡lez, made this call in a report to market the world MSME Day, recently.
GonzÃ¡lezÂ added: “Today is an occasion to recognise the impact of micro, small and medium-sized enterprises across the world â€“ and to celebrate the men and women behind these businesses.
“From the coffee you drink in the morning, to the bed you lie down in at night, a micro, small or medium-sized enterprise was almost certainly involved in its production.
“Even your phone likely contains technology or components delivered by an MSME. And letâ€™s not forget: some of the biggest companies â€“ like Alibaba, eBay and Facebook â€“ started small. Every day, hard-working entrepreneurs from Manila to Abidjan to Medellin are working hard to turn their ideas into viable businesses.”
According to GonzÃ¡lez, MSMEs, whether registered or informal, are central to livelihoods, saying that they are responsible for more than 70 per cent of all jobs.
“They help families put food on the table and send their kids to school. They develop innovative solutions to address global challenges such as health and climate change. ITC is pleased to lead the UN family as we celebrate MSMEs.”
ITC is the joint agency of the World Trade Organisation and the United Nations. ITC assists small and medium-sized enterprises in developing and transition economies to become more competitive in global markets, thereby contributing to sustainable economic development within the frameworks of the Aid-for-Trade agenda and the United Nationsâ€™ Global Goals for Sustainable Development.