Hamilton, Bermuda 27 June 2023 – The Bermuda Economic Development Corporation (BEDC) today joins the international community in acknowledging the pivotal role of Micro, Small, and Medium-Sized Enterprises (MSMEs) in fueling economic expansion and generating jobs for individuals including disadvantaged groups across all societies.
The United Nations General Assembly officially recognizes June 27th as MSME Day to underscore the multitude of contributions that these enterprises provide to the global economy. MSMEs comprise 90% of all businesses, fuel 60 to 70% of employment, and contribute 50% of the worldwide GDP as per UN figures. These enterprises act as the societal backbone, bolstering local and national economies while providing a means of sustenance for the working poor, women, youth, and other vulnerable groups.
Like the rest of the world, Bermuda has countless MSMEs that support our local economy. Today, BEDC proudly spotlights their immense contributions, with a special focus on those within our Economic Empowerment Zones (EEZs).
The EEZs – located in North Hamilton, Somerset, and St. Georges – were established to address and close inequity gaps in designated geographical regions. These areas focus on harmonizing economic, social, and physical aspects. BEDC provides support to businesses in these zones through Government concessions like payroll tax relief, customs duty deferments, and preferential rates and fees for financial services. Moreover, BEDC’s dedicated MSME Officers assist businesses in each of the EEZs.
Donte Hunt, MSME Officer at BEDC, shared his thoughts, “Acknowledging the immense contributions of small businesses to our local economy is vital. MSME Day is an international occasion that enables us to do so, but we should celebrate these businesses every day by supporting them. Shopping locally creates a positive ripple effect throughout the community while shining a spotlight on small businesses.” He continued, “These businesses are not only at the heart of our community, but in many instances, they also personify the unique culture of Bermuda.”
To celebrate MSMEs, one can invest in their local economy by choosing to buy goods and services from smaller businesses. Another way is by improving the online standing of MSMEs, leaving positive reviews for them on platforms such as Google, Yelp, and TripAdvisor. Additionally, individuals can also help strengthen MSMEs’ digital footprint by actively participating in their online activities – this could include actions like liking their posts, commenting on their content, sharing their updates, or even watching their promotional videos.
The BEDC invites everyone to participate in this global celebration of MSMEs by shopping locallytoday. Capture & share what you are doing to support and celebrate MSME Day! Tag @bedcbda in your photos and videos and use the hashtag #MSMEDayBDA
The Bermuda Economic Development Corporation (BEDC) is Bermuda’s source of free, confidential business advice. The mission is to actively assist the development of a strong, well-managed and prosperous local business sector in Bermuda. The key objective of the BEDC remains providing a broad range of business advice, counsel and financial assistance to local businesses in Bermuda.