New Delhi, June 27 (KNN) On the occasion of International MSME Day, UN Conference on Trade and Development (UNCTAD) Secretary General Mukhisa Kituyi stressed on the need for broader collaboration in order to tackle challenges faced by MSMEs for a Sustainable Development.

June 27 has been declared as International MSME Day by United Nations. The day is being celebrated globally to recognize the importance of the role that the sector plays in generating employment and in a country’s economy.

In a tweet, Kituyi said, “We need broader collaboration to foster greater economic growth and tackle challenges faced by MSMEs for a sustainable development that leaves no one behind.”

The International Trade Centre (ITC), joint agency of the UN and the WTO supporting SME, is also celebrating the first International MSME Daytoday.

ITC said, “Join us on Tuesday 27 June to celebrate the first-ever international Micro, Small and Medium-Sized Enterprises Day. The theme is ‘Small business – big impact’.”

It said, “It will be an occasion to reflect upon and recognize the important role MSMEs can play in achieving the United Nations 2030 Agenda for Sustainable Development and ensuring a more inclusive global society. This will be a chance to hear directly from MSMEs about the opportunities and challenges they face.”

ITC said more than 90% of world’s businesses are micro, small and medium enterprises. There are 500 million MSMEs in the world and they represent 90 per cent of all goods exporters.

MSME sector also accounts for 60 per cent of services exporters. ITC said MSMEs account for 50 per cent of global GDP and are responsible for 70 per cent of total employment.

In a tweet, UNCTAD said 70% of MSME owners exclusively rely on their businesses as sources of income and 45% earn less than USD138. (KNN Bureau)