Cooperative businesses are essential for economic development, particularly in supporting the livelihoods of women and young people, stated Deputy Prime Minister and Minister for Trade, Manoa Kamikamica.
Speaking at the International Day for Cooperatives event at the Civic Centre in Labasa, alongside his permanent secretary Shaheen Ali, Mr. Kamikamica highlighted the significant economic contributions of Fiji’s cooperatives. These cooperatives collectively own approximately $151 million in assets, generate $26 million in revenue, and produce $2.5 million in profits annually.
Mr. Kamikamica emphasized that the cooperative movement plays a key role in addressing major global issues highlighted by the United Nations. Additionally, he noted that cooperatives foster partnerships between the international cooperative movement and other stakeholders.
He pointed out that cooperative identity, values, and principles establish a robust framework for achieving the sustainable development goals. He commended small and medium enterprises for demonstrating high standards for inclusive and sustainable growth.
Mr. Kamikamica stated that youth involvement in cooperatives empowers them to take leadership roles in business, which is crucial for transferring knowledge and ensuring diversity, equity, and equality. He also mentioned the Government’s focus on improving the business environment, such as simplifying tax systems and compliance.
He expressed satisfaction with the increasing number of land-owning units forming cooperatives and engaging in joint ventures with entities like the Fiji Sugar Corporation. This, he said, ensures that resources are utilized sustainably, benefiting future generations.