Micro, Small and Medium-sized Enterprises Day
27 June 2023
Your Excellencies,
Ladies and Gentlemen,
Entrepreneurs of the world,
I am honored to stand before you today, on a day that is dedicated to recognizing the tireless efforts and invaluable contributions of Micro, Small, and Medium Enterprises to our global economy and society.
This year, three significant themes mark our celebration - Supply Chain Resilience, Women Entrepreneurship, and Youth Entrepreneurship.
In the wake of the cascading crises that engulf us, it is of urgent importance that we build and nurture a resilient economy and that is only possible if we support the MSMES.
MSMEs are the lifeline and backbone of our economy, representing over ninety per cent (90%) of all business worldwide and over two thirds of all employment.
When MSMEs fail, we all fail. In recent years, through grit, hard-work, and enormous sacrifice many MSMEs have survived the massive challenges they have faced.
Sadly, this story of success has not always been true everywhere.
Resilient MSMEs are the first step of a more resilient supply chain – we need to work together to make that universal.
Women entrepreneurship, the second theme of today’s event, holds a special place in my heart. Society needs women entrepreneurs to succeed more than ever, and we are eager to deliver.
From balancing family life to taking bold steps in the business world, women have challenged stereotypes and broken down barriers.
However, only a third of all entrepreneurs in the world are women and this number has not changed much over the past decade; women businesses are also generally smaller, and more vulnerable to economic shocks.
It is essential that as a society, we continue to empower women entrepreneurs, through mentoring, providing access to capital, and inclusive policies.
Finally, Youth Entrepreneurship.
The enthusiasm, innovation, and sheer determination of our young entrepreneurs are what drive our world forward.
They are the bearers of change, the ones who ask, "Why not?" instead of "Why?" Encouraging youth entrepreneurship is not just good for the economy, it is an investment in the very fabric of our society.
Around one billion young people are expected to enter the labour market globally over the next decade, most of them in Africa.
Due to our cascading crises, young people currently face huge challenges in finding a job and their unemployment rate is three times that of adults.
This leads them to explore alternative paths, such as starting their own businesses.
We must therefore foster an environment where young minds are free to explore, innovate, and create.
Their ventures may be small in scale, but they are colossal in their impact.
UNCTAD supports resilient supply chains, and women and youth entrepreneurs through numerous projects which will be showcased at our eighth World Investment Forum, in Abu Dhabi this October.
You are all extremely welcome to come.
To close, let me give a special thank you to all the entrepreneurs, the risk-takers, the dreamers, and the doers.
You are the heroes who keep the wheels of our economy turning.
Happy MSMEs Day.
