Since 2017, we celebrate World Micro, Small and Medium Enterprises (MSME) Day on 27th June every year across the world. The day, initiated by the United Nations, is dedicated to recognizing the importance of MSMEs in local and global economies, but also in the context of sustainable development. While large companies receive more recognition, whether in the media or in the collective mind, smaller structures play an essential role as they are a source of jobs, innovation and growth. So they occupy an excess of space in the world on many levels.
According to the International Trade Center, MSMEs represent more than 90% of all businesses worldwide, generating more than 50% of jobs. In France alone, the majority of companies are VSE/SME, because when we combine Micro, VSE and SME, we get 99.9% of national companies. SMEs employ 3.9 million people and generate about 24% of the added value of all companies (2020 figures, Ministry of Economy, Finance and Industrial and Digital Sovereignty). Furthermore, VSEs/SMEs generate 36% of business turnover in France.
Micro, small and medium-sized enterprises therefore represent a large proportion of businesses worldwide, forming the economic infrastructure of many countries, contributing significantly to economic growth and strengthening local and national economies. In addition, they are a real source of inspiration for many people who want to start and they ultimately contribute to an increase in the number of business creation, thereby starting a virtuous cycle.
Also, it must be remembered that MSMEs are often the hub of innovation. Because of their more agile structure, they can adapt quickly to changes in the market and introduce new ideas and products. These companies play an important role in stimulating economic innovation by providing new solutions, technologies, products and services.
Thus, through this day, the aim is to promote these small and medium-sized structures and present the challenges faced by them to the governments as well as all other relevant actors to support them in their development. Indeed, access to financing, competition with larger companies, regulations and managing limited resources are all challenges they must face. It is therefore important to provide them with adequate support, especially through favorable policies, but also through training or counseling programmes.