KARACHI:
Globally, micro, small, and medium-sized enterprises (MSMEs) face numerous challenges including internal and external conflicts, dependencies, etc, that hinder their growth and sustainability. Female and youth entrepreneurs encounter additional barriers such as limited access to financing and markets and a lack of support. To overcome these challenges and create an enabling environment, policies should be implemented to strengthen capacities and support MSME development, aligning with the Sustainable Development Goals and the principle of inclusivity.
Building resilient supply chains is critical for the success of MSMEs, as disruptions caused by conflicts, disasters, and pandemics impact costs and create difficulties in transactions. Collaboration between policymakers and businesses is crucial to ensuring economically viable, responsible, and sustainable supply chains. Supporting women and youth entrepreneurship while strengthening supply chains nurtures a more inclusive and resilient business ecosystem.
The United Nations identifies the importance of MSMEs and urges countries to foster collaborative efforts for sustainable development. By promoting equitable opportunities and empowering marginalised groups, MSMEs can drive transformative change, contributing to economic growth, job creation, and reduced inequalities. By implementing effective policies, improving access to resources, and building resilient supply chains, MSMEs can unlock their potential and pave the way for inclusive economic progress. Nurturing the growth of MSMEs not only benefits entrepreneurs but also has a positive impact on communities, leading to a more sustainable and prosperous future for all.
Dr Intikhab Ulfat
Karachi
Published in The Express Tribune, June 28th, 2023.
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