Event Date: 12 December 2024
Mr. Suman Shakya, Founder of Tangent Waves participated in ‘Resilience and agility of MSMEs and inclusive businesses’ session in the august company of:
Keynote Speaker: Mr. Krishna Bahadur Raut, Secretary, Ministry of Industry, Commerce and Supplies (MoICS), Nepal
Moderator: Dr. Mona Shrestha Adhikari, Chief Executive Officer, Enterprise for Management, Economic Reform and Gender Equality (EMERGE), Nepal
Panelists
Dr. Ganga Tilakaratna, Research Fellow, Institute of Policy Studies of Sri Lanka (IPS), Sri Lanka
Ms. Tripti Rai, Country Director, Oxfam in Nepal
Ms. Mikiko Tanaka, Director and Head, Sub-regional Office for South and Southwest Asia, United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP), India
The global COVID-19 pandemic severely affected businesses alongside lives and livelihood. While micro, small and medium enterprises (MSMEs) were hard hit, businesses led by women and marginalized communities were disproportionately affected due to their preexisting socio-economic status and the unequal playing field they face. Such is the case every time there occurs any disruption in the supply chain—due to natural disasters or any crises.
The Asian Development Bank’s Asia Small and Medium-sized Enterprise Monitor 2021 highlights that MSMEs in South Asia accounted for an average of 99.6% of all enterprises, 76.6% of the workforce, and 33.9% of national GDP. Therefore, it is key to revitalize MSMEs, including cottage firms, to build a resilient economic recovery in the region.
MSMEs are known for creating jobs and are also critical for inclusive growth. In times of crises and disasters, including climate-induced ones, it is critical to boost their resilience to shocks for which concerted efforts from governments, development agencies and national stakeholders are required to build resilient economies and communities. In the long run, beyond building resilience, promoting agility and fostering inclusive business policies and practices will enable MSMEs to thrive, grow and compete in the market, both locally and globally.
The session sought to understand the state of play in South Asia on the resilience and agility of MSMEs including those led by women and marginalized/minority communities, focusing on the role of various stakeholders in shaping an equitable, inclusive business eco-system.