Every June 27th the world comes together to celebrate Micro, Small and Medium Enterprises (MSMEs) on MSME Day. These enterprises are the backbone of the global economy, driving innovation, creating jobs, and fostering vibrant communities.

Established by the United Nations General Assembly in 2017, MSME Day aims to raise awareness about the important role of micro, small, and medium-sized enterprises in our societies. It provides a platform to recognize and celebrate their remarkable impact on economies worldwide.

The Importance of MSMEs Globally

MSMEs constitute a staggering 90% of all businesses worldwide, creating over 70% of jobs and contributing to half of the world’s GDP. These enterprises are vital for economic growth and development, particularly in developing countries where they often represent the majority of businesses. MSMEs drive innovation by introducing new products and services, fostering competition, and promoting diverse economic activities. They also play a crucial role in achieving sustainable development by providing opportunities for social inclusion, reducing poverty, and promoting equitable growth.

MSMEs in Bangladesh: A Growing Sector

In Bangladesh, the MSME sector is thriving. With over 5 million retailers, the sector sees more than 70,000 new MSMEs joining every year. These businesses are integral to the country’s economy, providing livelihoods for millions of people and contributing significantly to national GDP up to 34%. The dynamic and entrepreneurial spirit of Bangladeshi MSMEs has led to substantial economic development and progress, making them a cornerstone of the nation’s economic landscape and generating more profit by up to 25%

The Impact of MSMEs on Job Creation and Innovation

One of the most significant contributions of MSMEs is their role in job creation. By employing a large portion of the workforce, MSMEs help reduce unemployment and improve living standards. These enterprises often provide jobs in local communities, promoting regional development and reducing urban migration pressures. Furthermore, MSMEs are hotbeds of innovation, continuously adapting to changing market demands and leveraging new technologies to stay competitive. Their ability to innovate not only drives their success but also contributes to the overall dynamism and resilience of the economy.

Supporting and Empowering MSMEs

Supporting and empowering MSMEs is essential for harnessing their full potential. This can be achieved through various means, such as providing access to finance, improving infrastructure, offering training and development programs, and fostering a conducive regulatory environment. Governments, financial institutions, and international organizations play a critical role in creating an enabling environment for MSMEs to thrive. By addressing the challenges these enterprises face, PriyoShop is providing them with a smart solution PriyoShop App with embedded finance, which will help them unlock their potential to drive inclusive, resilient, and sustainable economic growth.

PriyoShop: Revolutionizing the MSME Sector in Bangladesh

In the heart of Bangladesh’s thriving MSME sector stands PriyoShop, an eB2B marketplace revolutionizing the way micro, small, and medium enterprises operate. PriyoShop provides a digital platform that connects retailers with suppliers, streamlining the supply chain and enhancing business efficiency. By leveraging technology, PriyoShop offers MSMEs access to a wide range of products at competitive prices, reliable delivery services, and transparent transactions. This not only helps MSMEs save time and reduce costs but also empowers them to compete effectively in the market. On MSME Day, PriyoShop celebrates the resilience and ingenuity of these enterprises, reaffirming its commitment to supporting their growth and success. Through initiatives like training programs, financial support, and digital solutions, PriyoShop continues to play a pivotal role in strengthening the MSME sector in Bangladesh.

As we celebrate MSME Day, it is essential to recognize and appreciate the vital contributions of MSMEs to the global economy. These businesses drive innovation, create jobs, and foster sustainable development, making them indispensable to our economic and social well-being. By supporting and empowering MSMEs, we can build a more inclusive, resilient, and prosperous global economy. Let us honor the remarkable impact of MSMEs and continue to champion their growth and success for a brighter future.

On this MSME Day, let us acknowledge the hard work and dedication of MSMEs around the world. Their contributions are a testament to the power of entrepreneurship and the potential of small businesses to drive significant change. As we move forward, it is crucial to continue providing the support and resources necessary for MSMEs to thrive, ensuring a more vibrant and sustainable economic landscape for all.