The Fijian Government is placing significant emphasis on supporting start-ups within the micro, small, and medium-sized enterprises (MSME) sector. This focus was highlighted this week with the release of the “Landscape Assessment of Accelerators & Incubators in Fiji” study, developed by the Reserve Bank of Fiji in collaboration with the Australian Government’s Market Development Facility.
Deputy Prime Minister and Minister for Trade Manoa Kamikamica discussed the study’s findings, which reveal vital insights into the current ecosystem for accelerators and incubators in Fiji. He emphasized the importance of this initiative in identifying both opportunities and challenges facing entrepreneurship in the country, underlining its potential to empower Fiji’s MSMEs.
Mr. Kamikamica noted that entrepreneurship often emerges later in life for many Fijians, citing that applicants in the Young Entrepreneurship Scheme have been as old as 74. This trend indicates a pressing need for improved support and guidance for aspiring entrepreneurs of all ages, fostering a conducive environment for entrepreneurial success.
Globally, MSMEs are recognized as engines of economic growth and innovation, constituting 96 percent of all enterprises and providing employment for 56 percent of the workforce. In Fiji, these businesses comprise 82 percent of registered businesses, highlighting their essential role in the local economy.
The Government is dedicated to enhancing incubation services, as shown by its partnership with the Food and Agriculture Organization of the United Nations to launch an agribusiness incubation center. The findings from the recent assessment are expected to inform the development of a comprehensive National Incubation Centre, further strengthening support for MSMEs in Fiji.
This commitment to nurturing start-ups bodes well for Fiji’s economic future. By empowering local entrepreneurs, the Government is taking a positive step towards innovation and development in the MSME sector, which could lead to a more resilient economy and greater job creation.
In summary, the Government’s commitment to the MSME sector through incubation and support services represents a hopeful outlook for entrepreneurship in Fiji, promising both economic growth and increased innovation in the years to come.
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