June 27 is celebrated worldwide as International Micro, Small, and Medium Enterprises (MSME) Day.
According to sea-news.az the Small and Medium Business Development Agency (KOBİA) released information on this. Established by the UN in 2017, the purpose of this day is to highlight the role of small and medium businesses in the economy, job creation, and innovation.
According to the report, MSMEs currently account for approximately 90% of businesses worldwide and provide more than 70% of global employment.
In Azerbaijan, MSMEs are likewise one of the main pillars of the economy. In fact, 99.7% of the entrepreneurial entities operating in the country belong to micro, small, and medium businesses. Local MSMEs contribute significantly to the development of the non-oil sector and the growth of employment, operating primarily in fields such as trade, transport, tourism, public catering, industry, and education.
