Celebrating World MSME Day

According to the data provided by the International Council for Small Business (ICSB), formal and informal micro-, small and medium-sized enterprises (MSMEs) make up over 90 per cent of all firms and account on average for 60-70 per cent of total employment and 50 per cent of GDP.

The General Assembly of the United Nations, in recognition of the importance of the sector, declared 27 June the Micro-, Small and Medium-sized Enterprises Day to raise public awareness of their contribution to the global economy and sustainable development.

“We all know of the critical role that small business plays not just in Australia but across the globe,” said IPA chief executive officer, Andrew Conway.

“With some 75 per cent of our members servicing small business or being small businesses in their own right, it is certainly worthy of celebration.

“Our Australian Small Business White Paper aims to create better policy outcomes to strengthen small business productivity which is essential for our economic prosperity and protection of the living standards we currently enjoy,” said Mr Conway.

On occasion of MSME Day 2019, the UN issued a press release explaining that this year MSME Day is not only dedicated to raising awareness of the need for greater investment into small and mid-sized businesses, it is also a celebration of the gigantic contribution smaller companies make to the global economy.

Access to finance is the primary obstacle for small business, the UN recognised, cautioning that identifying international market opportunities and navigating trade-related procedures can be harder for small businesses than for their larger competitors.

Efforts to enhance access to finance for SMEs across key sectors of national economies are an important element of implementation of the Sustainable Development Goals (SDGs). The UN clarified that SDG targets 8.3 and 9.3 call for enhancing the access of SMEs to financial services.