Micro, small and medium sized enterprises (MSMEs) and their workers are among the hardest hit by the economic impacts of COVID-19.
Given that MSMEs, and their workers, form the backbone of the world economy and account for upwards of 80% of employment in many countries, The International Chamber of Commerce (ICC) believes that it is imperative to direct urgent stimulus, safeguard measures and support to maintaining the operations that are needed to help MSMEs and their workers weather the current public health emergency.
ICC has therefore launched a campaign to call for urgent and decisive action by all stakeholders to “Save Our SMEs” and by extension, the principal drivers of global economic activity.
ICC is calling on businesses to do whatever is possible to preserve their supply chains, operations and workforce, ensure responsible business conduct, and demonstrate solidarity in the face of the worst health and economic 2020-sos-call-to-action (1)challenge of our time.
ICC is also calling on governments and multilateral institutions to cooperate and coordinate their actions to ensure that immediate stimulus efforts flow into the real economy—and, in particular, to those most vulnerable to the economic disruptions caused by COVID-19—as well as ensuring that developing countries receive adequate assistance.
To this end, ICC has released ‘A Call to Action to Save Our SMEs’ outlining six actions governments can take to help combat the economic repercussions of this pandemic.
a. Provide direct and immediate support to small businesses to ensure their continued operation
b. Provide direct and immediate support to workers and those most vulnerable—both at home and abroad
c. Ensure support reaches MSMEs and their workers quickly
d. Adapt existing government-led social programmes
e. Ensure open trade and the expedited flow of essential goods across borders
f. Implement formal and informal channels for dialogue between government, employers, workers and communities
For further information read here 2020-sos-call-to-action (1)