$4m Funding Approved for MSMEs in Fiji

The Ministry of Trade, Co-operatives, Small and Medium Enterprises, and Communications has approved 1,016 applications for assistance from micro, small, and medium enterprises (MSMEs) totaling $4 million this financial year.

In total, the ministry received 1,520 applications amounting to nearly $6.4 million for MSME assistance.

Deputy Prime Minister and Trade Minister Manoa Kamikamica disclosed these figures during his contribution to the 2024-2025 National Budget debate in parliament on Monday, underscoring the ministry’s continued support for small and medium business enterprises.

“These funds supported diverse sectors, including eco-tourism, manufacturing, forestry, ICT, and crucial service sectors,” Mr. Kamikamica said.

He also mentioned that Fiji has more than 50,000 registered businesses, with 72 percent classified as small and medium enterprises.

“The ministry will continue to promote growth and economic diversification, using the $3.6 million budget increase to support SMEs across all sectors,” he added.

In addition, co-operatives have played a significant role in fostering sustainable development and economic empowerment.

“The Department of Cooperatives’ efforts led to an 84 percent increase in registrations this year, alongside a $400,000 capital grant to boost co-operatives, helping them transition from small to medium scale,” Mr. Kamikamica noted.

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