In partnership with the World Trade Organization and the United Nations, The Institute is celebrating Micro, Small, and Medium-sized Enterprise (MSME) Day by reflecting on the inspiring and innovative ways that small businesses around the world have adapted to unforeseen circumstances and continue to play a crucial role in improving people’s lives.
In 2017, the United Nations General Assembly established MSME Day to raise public awareness of small businesses’ contribution to sustainable development and the global economy.
According to the International Trade Centre (ITC), small businesses account for over 70% of all jobs worldwide and two-thirds of private sector employment, often providing opportunities for certain groups such as women, young people, refugees and migrants, and under-resourced communities.
In order to maintain their businesses during a period of rapid change, small business owners have utilised virtual platforms to evolve their operations and transition to a virtual environment to connect seamlessly with customers and their workforce. Small business owners have been able to grow their customer base, maximize their profits, and ultimately become more resilient.