The International Day of Micro, Small and Medium sized Enterprises (MSMEs) has since 2017 been celebrated on June 27th to raise public awareness on their contribution to the global economy.
This day recognizes the importance of small businesses in achieving development and generating employment.
The world observes the MSMEs Day in recognition of the significance of Micro, Small and Medium-sized Enterprises in reaching improvement objectives, selling innovation and creativity and producing jobs globally. According to the data provided by the International Council for Small Business (ICSB) formal and informal MSMEs make up over 90% of all firms, account for 70% of total employment on average and 50% of Gross Domestic Product (GDP). In 2021, the theme is “MSME 2021: key to an inclusive and sustainable recovery”.
In an exclusive interview with Khathang Tema Baitšokuli Chairperson Tšolo Lebitsa said commemorating this day is very important as it recognizes the importance of MSMEs in the entire world. He added that this is a challenge to the country, saying they need to use this day in the coming years to honour small businesses owners so that they too can feel appreciated. Lebitsa said this can only happen with the help of the Ministry of Small Business Development, Cooperatives and Marketing.
Lebitsa further said small businesses play a very crucial role in increasing the country’s economy as they create employment and also pay tax. “Every country’s economy is backed-up by small businesses because there are many of them in almost every country. He further said the outbreak of COVID-19 has mostly hit small businesses, resulting to others shutting down.
He said the impact was worsened by a series of lockdowns which were enacted to contain the spread of the coronavirus, resulting in small business seizing operations, supply chain disruptions and a massive drop in demand in most sectors.
The MSMES Day 2021 is being noticed amid the Covid-19 pandemic and subsequent lockdowns in a number of international locations which have a far-reaching impression on small enterprises. Small Businesses are liable for vital employment and revenue era alternatives over the world and have been recognized as significant drivers of poverty alleviation and improvement.
Meanwhile the Ministry of Small Business Development, Cooperatives and Marketing Chief Commercial Officer/Manager Dr. Sehloho Soole said the Ministry started celebrating this day last year amidst the Covid-19 pandemic. He said the urge to celebrate this day was activated by the MSMEs contribution to a country’ GDP. He further said as many people ventured into entrepreneurship, this also eradicated poverty in almost every country.
Soole said in 2015 when the Ministry of Small Business Development, Cooperatives and Marketing separated with that of Trade and Industry, the government tasked the ministry to grow MSMEs and Cooperatives. He further said the Ministry also aims to alleviate poverty and create jobs. He emphasized that in the entire world, MSMEs are recognized to be the highest job creators hence it is very important to celebrate them.