UN secretary-general António Guterres has called on world leaders and business operators to work together to build resilience against global shocks.

Mr Guterres also advocated diversifying export markets, tapping new sources of inputs and raw materials, and scaling up skills development to support entrepreneurs, especially women and youth.

Mr Guterres made the remark in a statement on Tuesday while celebrating micro, small and medium-sized businesses on the occasion of Enterprises Day, observed yearly on June 27.

“Today we celebrate the critical role played by micro-, small- and medium-sized enterprises—lifting up communities, sustaining families and driving economic progress. As engines of job-creation, they are critical to every country’s future, including as the best providers of employment pathways for youth,” Mr Guterres stated.

He noted that micro, small, and medium-sized businesses often face challenges ranging from difficulty accessing funds to scale up operations to the transformative effects of artificial intelligence on current business models to steep tariffs and rising inflation.

Mr Guterres stated, “Global instability is also taking a toll. The conflict in the Middle East has disrupted trade routes and supply chains, increased energy prices and sent costs skyrocketing.”

He noted the need to strengthen financial systems worldwide to enable businesses to access affordable credit and reduce borrowing costs.

He also stressed the need to help businesses harness the power of innovation and digital technology to compete and succeed in the global markets.

The UN secretary general called on the public to prioritise peace to enable global markets and transportation systems to operate efficiently and safely.