VFororegionalLACBHR

Session organized by the International Organization of Employers (IOE)  

Brief description

Session description:
SMEs are the backbone of basically all economies around the world. According to the World Bank estimations, they represent about 90% of businesses and more than 50% of employment worldwide. In emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs. They contribute to economic growth, spur innovation and economic diversification, and provide livelihoods. Moreover, SMEs are also part of Global Supply Chains as buyers and as suppliers.
SMEs have a crucial role to build back better in the context of the Covid-19 pandemic. The Latin American region, as the most affected region by restrictions on workers and workplaces closures, needs jobs and to overcome health, social and economic inclusion needs. In order to better understand the challenges, concerns and opportunities with regards to realizing responsible business conduct in difficult times, this session aims to identify innovative approaches to support SMEs in their efforts to contribute to build back better along with a reinvigorated effort to translate UNGP’s into meaningful business responses to strengthen frameworks and to better include them in the relevant debates at national and international level.
The session is not a once off event but is part of a larger IOE SME engagement. The IOE and its 150 members independent business organizations worldwide, representing more than 50 million companies, will follow-up, together with other stakeholders and business partners, the outcomes of this session and will directly contribute to their implementation. The outcomes of this session will be also integrated into the IOE`s project on strengthening the UN Resident Coordinators engagement with the private sector as well as the IOE`s engagement within the G20 and G7.