Bangladesh joins the global observance of Micro, Small, and Medium Enterprises (MSMEs) Day today (Friday), marking the occasion with a renewed focus on the sector’s contribution to sustainable growth and innovation.

The United Nations designated June 27 as International MSME Day in 2017 to recognise the central role these enterprises play in global economic development. This year’s theme, “Enhancing the Role of MSMEs as Drivers of Sustainable Growth and Innovation,” underscores their significance in advancing inclusive and resilient economies.

In Bangladesh, Cottage, Micro, Small, and Medium Enterprises (CMSMEs) form the backbone of the national economy. With an estimated 7.9 million SMEs, the sector contributes around 25% to the country’s GDP and provides employment to roughly 40% of the workforce. CMSMEs account for nearly 90% of industrial units and generate 45% of the value added in manufacturing.

Despite their economic weight, CMSMEs face structural challenges, particularly in accessing finance. Industry sources report a financing gap of approximately US$2.8 billion, with only 10% of CMSMEs benefiting from formal banking channels.

The government has identified CMSMEs as a key vehicle for industrialisation and for achieving Sustainable Development Goals, including poverty alleviation, gender equality, and women’s empowerment.

Gilbert F. Houngbo, Director-General of the International Labour Organization, marked the day by urging bold, coordinated efforts to strengthen MSMEs. He emphasised the need for inclusive policies, improved financial access, skills development, and decent work opportunities to unlock the sector’s full potential.