The Fijian government is taking significant steps to enhance the ecosystem for micro, small, and medium-sized enterprises (MSMEs) through the recent launch of the “Landscape Assessment of Accelerators & Incubators in Fiji” study. This initiative, carried out by the Reserve Bank of Fiji in collaboration with the Australian Government’s Market Development Facility, aims to explore the current state of entrepreneurship in the country, identifying both opportunities and challenges.
Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, highlighted the study as a key element in empowering MSMEs in Fiji. He pointed out that entrepreneurship can start at any age, as evidenced by participants in the Young Entrepreneurship Scheme, some of whom are as old as 74. This underlines the necessity for improved guidance and resources for aspiring entrepreneurs of all ages, which would ultimately nurture an environment conducive to business growth.
Kamikamica emphasized the global significance of MSMEs, noting that they account for 96 percent of all businesses worldwide and employ around 56 percent of the workforce. In Fiji, MSMEs form an impressive 82 percent of registered businesses, showcasing their crucial role in the local economy.
The government’s commitment to fostering incubation services is further demonstrated by its partnership with the Food and Agriculture Organization of the United Nations to create an agribusiness incubation center. The insights gained from the recent study will assist in developing these programs further into a National Incubation Centre, which is expected to provide a solid foundation for future entrepreneurial endeavors.
This initiative reflects a positive and proactive stance from the Fijian government, aiming to stimulate economic growth and innovation through enhanced support for local businesses.
In summary, the government’s dedication to empowering MSMEs through insightful studies and collaborative initiatives is a promising step toward bolstering Fiji’s economic landscape and nurturing local entrepreneurship.
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