The Fijian government is making significant strides to support the development of micro, small, and medium-sized enterprises (MSMEs) through the release of a new study titled “Landscape Assessment of Accelerators & Incubators in Fiji.” This research, carried out by the Reserve Bank of Fiji in collaboration with the Australian Government’s Market Development Facility, aims to shed light on the current state of entrepreneurship in Fiji.
Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, emphasized the importance of this study, noting that it provides vital insights into the challenges and opportunities faced by entrepreneurs. He acknowledged that in Fiji, entrepreneurship often begins later in life, with some applicants for the Young Entrepreneurship Scheme being as old as 74. This observation points to the need for enhanced support and guidance for aspiring entrepreneurs of all ages, ultimately striving to create a more conducive environment for business growth.
Highlighting the global significance of MSMEs, Mr. Kamikamica stated that they account for 96% of all enterprises worldwide and employ approximately 56% of the workforce. In Fiji, MSMEs make up a substantial 82% of registered businesses, demonstrating their crucial role in the country’s economy.
The government is committed to bolstering incubation services, exemplified by their partnership with the Food and Agriculture Organisation of the United Nations to establish an agribusiness incubation center. The insights garnered from the recently released assessment are expected to pave the way for the development of a comprehensive National Incubation Centre aimed at further supporting local entrepreneurs.
In summary, the Fijian government’s focus on nurturing MSMEs through incubators and support services underscores its dedication to fostering entrepreneurship, which is key to driving economic growth and innovation in the region. This initiative promises to empower a diverse range of entrepreneurs, encouraging an entrepreneurial spirit that can lead to a thriving economy in Fiji.
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