The Fijian Government is making significant progress in supporting micro, small, and medium-sized enterprises (MSMEs) with the recent introduction of the “Landscape Assessment of Accelerators & Incubators in Fiji.” This study, conducted by the Reserve Bank of Fiji in partnership with the Australian Government’s Market Development Facility, offers valuable insights into the current state of business incubation and entrepreneurship within the country.
Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, emphasized that the findings from this study reveal both opportunities and challenges for entrepreneurs in Fiji. By understanding the landscape of accelerators and incubators, the government aims to empower its MSMEs, which are pivotal to the nation’s economic fabric, representing 82 percent of all registered businesses.
Kamikamica noted that the entrepreneurial spirit in Fiji often emerges later in life, with the Young Entrepreneurship Scheme attracting applicants as old as 74. This underscores the need for enhanced support and guidance for aspiring entrepreneurs of all ages, ultimately creating a robust environment where entrepreneurship can flourish.
Globally, MSMEs contribute significantly to economic growth and innovation, accounting for 96 percent of all enterprises and employing more than half of the workforce. Mr. Kamikamica reinforced that in Fiji, the commitment to fostering business incubation is evident. The collaboration with the Food and Agriculture Organisation of the United Nations to initiate an agribusiness incubation center is one example of the government’s dedication to nurturing the sector.
The insights yielded from this landscape assessment are set to inform the development of a comprehensive National Incubation Centre, promising a future that prioritizes the growth and sustainability of MSMEs in Fiji.
In summary, this initiative reflects a proactive approach by the Fijian Government not only to support current businesses but also to inspire a new generation of entrepreneurs, fostering an environment ripe for innovation and economic development. This is a hopeful step towards a more thriving ecosystem for Fijian entrepreneurs.
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