Introduction
Micro, Small and Medium Sized Enterprises (“MSMEs”) are touted as the foundational block of global economy. Indeed, MSMEs play a critical role in acceleration of sustainable growth and innovation in developed and developing economies around the world. To create awareness and highlight the crucial contribution of MSMEs in propelling economic growth, spurring technological innovation and expansion of the job economy globally, the United Nations General Assembly on April 2017 via resolution (A/RES/71/279) designated June 27th as MSME day.
The MSME day is dedicated to the recognition and uplifting of businesses that form the backbone of global and local economies. This demonstrates the important role MSMEs play in enhancing technological innovation, expanding the economic empowerment space for women, youth and vulnerable groups, enhancing technological innovation, entrenching entrepreneurship culture and mitigation of job creation crisis especially in developing countries like Kenya.
With this perspective as our backdrop, then it is important to appreciate the thinking that informed the theme of this year’s MSME day – enhancing the role of Micro-Small and Medium-sized Enterprises (MSMEs) as drivers of Sustainable Growth and Innovation.
This year’s theme highlights the role of MSMEs as conduits of accelerating sustainable growth and innovation, the theme resonates with the imperative need to create an environment that supports MSMEs to effectively perform their roles, both those in the formal and informal economic sectors and demonstrates MSMEs potential, in pursuit of achieving the United Nations Sustainable Development Goals (SDGs). This, therefore, reinforces the need to create legislative and policy frameworks that are primarily tailored to empower MSMEs and accentuate their role is critical.
This begs the question, how has the role of MSMEs been enhanced in Kenya through legislative and policy frameworks?
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