New Delhi [India], November 25 : Addressing an international conclave, 'Promoting Sustainable Enterprises for Local Development,' Union MSME Minister Narayan Rane underscored the imperative for Micro, Small, and Medium Enterprises (MSMEs) to align with international standards, facilitating their robust participation in global value chains.
The event, jointly organised by the International Labour Organisation (ILO) and the Korea International Cooperation Agency (KOICA), brought together representatives from India, Bangladesh, Cambodia, Ethiopia, Germany, Indonesia, the Netherlands, the Republic of Korea, South Africa, and Vietnam.
Rane emphasised the importance of fostering an environment conducive to the promotion of sustainable enterprises. He highlighted that sustainability should permeate all facets of MSME business operations, ensuring their resilience and contributing to the broader goal of creating more and higher-quality jobs.
"Sustainability must not be confined to rules and regulations but should be part of all business operations of MSMEs for their own survival in future and decent work for all," Rane said.
Celebrating 50 years of friendship with India, Chang Jae-bok, ambassador of the Republic of Korea to India, underlined his country's commitment to supporting India's journey toward becoming a developed nation.
"We are celebrating the 50 years of our friendship with India. Korea shares India's vision of 'Amrit Kaal' and intends to contribute to the country's journey to becoming a developed nation. MSMEs are the backbone of India's economy, and their sustainability will shape its growth. Korea looks forward to deepening cooperation in this area under the ILO-KOICA PSEI initiative," Jae-bok added.
Acknowledging MSMEs as India's economic backbone, he underscored the significance of their sustainability in shaping the nation's growth.
Over 80 officials and MSME representatives from participating countries engaged in discussions on strategies to promote sustainable, resilient, and responsible MSMEs.
Given that MSMEs account for 60 to 70 per cent of global employment and contribute 50 per cent to the global GDP, the conclave emphasised their pivotal role in the global economy.
Representatives from Bangladesh, Indonesia, South Africa, Korea, Vietnam, and Germany reiterated the need for sustained support to the MSME sector.
They acknowledged that only sustainable and responsible MSMEs possess the potential to drive inclusive and equitable job-rich growth.
Michiko Miyamoto, director of ILO Decent Work Team for South Asia, stressed the symbiotic relationship between thriving businesses and society, making the creation of conditions for profitable and sustainable enterprises a priority in development policy.
"Businesses thrive when society thrives and recognizing this symbiotic relationship is critical. This makes creating the right conditions for profitable and sustainable enterprises a high priority in development policy and for the Decent Work Agenda as MSMEs can't become sustainable in a vacuum," Miyamoto said.
Against the backdrop of the Covid-19 crisis, ongoing geopolitical challenges, and the escalating impact of climate change, the conclave addressed the pressing issues affecting the vulnerability of the MSME sector in the global supply chain.
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