Small and Medium Enterprises ‘World’s Most Powerful Job Creators’

A woman in Valle, Honduras, sets up a street storefront to sell household items. She has built her business with the help of microcredit funds. UN Photo/Mark Garten (file)

By designating 27 June as the annual Micro-, Small and Medium-sized Enterprises Day, the UN General Assembly has recognized the importance of these enterprises in achieving the SDGs – especially by promoting innovation, creativity and decent work for all (SDG 8), she continued.

Her remarks were a part of the first-ever Small Business Knowledge Summit held at UN Headquarters in New York, co-organized by Permanent Mission of Argentina to the United Nations, the International Council for Small Business and the UN Office for Partnerships (UNOPS).

The event’s keynote speaker, Linda McMahon, Administrator of the United States Small Business Administration, was expected to be joined by government ministers and representatives, and the world’s foremost industry and academic experts to share expertise and analyze the latest entrepreneurial trends.

The discussions tackled the global challenge of creating jobs and empowering small businesses.

We need broader cooperation to foster greater economic development and tackle the challenges faced by micro-, small and medium-sized enterprises Chef de Cabinet

The goal of the summit is to help the international community strategize on how to remove roadblocks, boost innovation, and improve financing and the regulatory environment for entrepreneurs, to strengthen job creation and sustainable economic growth in support of SDG 8.

The Chef de Cabinet said that micro-, small and medium-sized enterprises represent around 90 per cent of global economic activity. They are on the front lines of embracing transformative technologies and new business models.

“They can lead the way towards achieving the 2030 Agenda. That is why these enterprises are at the heart of the United Nations Global Compact, the world’s largest corporate sustainability initiative,” said Ribeiro Viotti in her remarks, noting that the Compact involves over 9,000 companies from 162 countries committed to doing business responsibly and advancing the SDGs.

Over half of these business participants are small and medium-sized enterprises.

“Micro-, small and medium-sized enterprises are powerful partners. They can have tremendous impact in embedding responsible business practices and sustainability in today’s complex global value chains,” she said adding: “Their power and potential to help us achieve the 2030 Agenda is very clear.”

At the same time, the Chef de Cabinet called for broader cooperation to foster greater economic development and tackle the challenges faced by these enterprises. This includes partnerships for capacity building, integrating these enterprises into the formal economy, and ensuring greater access to financial services, microfinance and credit.

“In all of these areas, governments, the UN, civil society and business all stand to benefit if we work together. Going forward, June 27 will be an important day for us to renew our resolve to collaborate for a life of dignity for all,” she concluded. (SOURCE: UN).

2017 Human Wrongs Watch