The Coalition Government of Fiji is making significant strides in fostering entrepreneurial growth, having allocated an estimated $80 million to support the development of micro, small, and medium enterprises (MSMEs). This funding will bolster various initiatives, including the Young Entrepreneurship Scheme, the Integrated Human Resource Development Programme, the Northern Development Programme, the Trade Enhancement Program, and the National Export Strategy.
Deputy Prime Minister and Finance Minister Biman Prasad shared these details during the graduation ceremony for 21 recipients of the newly established “Graduate Business Start-Up Scheme.” This initiative, in collaboration with the Fiji Commerce and Employers Federation (FCEF) and the Tertiary Scholarship Loans Service, aims to equip graduates and final-year students with the necessary tools to embark on entrepreneurial ventures.
Prasad pointed out that MSMEs contribute 18 percent to Fiji’s national GDP and provide 60 percent of total employment opportunities. He emphasized the government’s commitment to fostering an environment that nurtures these businesses through legislative reforms, policy changes, and targeted grant allocations.
The initiative will see the 21 graduates receive $5,000 each to help kick-start their businesses, reflecting a broader vision laid out in Fiji’s national development plan for 2025-2029, which aims for an annual economic growth rate of 4-5 percent, an increase in MSMEs’ GDP contribution to 21 percent, and a reduction in unemployment to 3.8 percent.
Highlighting the diverse backgrounds of the recipients, with 70 percent being women, Prasad encouraged both donor agencies and the private sector to invest in such entrepreneurial support schemes. He noted the importance of aligning business support programs with current market conditions to prepare graduates adequately for the business landscape.
As these graduates take their first steps into entrepreneurship, their success is expected to inspire further investment in similar initiatives, fostering an entrepreneurial culture that can significantly impact the economic landscape of Fiji. The optimism surrounding this program signifies a hopeful direction towards improving economic resilience and promoting job creation in the country.
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