The Government of Fiji is taking significant steps to support micro, small, and medium-sized enterprises (MSMEs) with the recent release of the “Landscape Assessment of Accelerators & Incubators in Fiji” study. This study, a collaboration between the Reserve Bank of Fiji and Australia’s Market Development Facility, aims to identify both the opportunities and challenges faced by entrepreneurs in the country.
Deputy Prime Minister and Minister for Trade Manoa Kamikamica emphasized the importance of the study, stating that it offers essential insights into the ecosystem of accelerators and incubators and serves as a foundation for empowering MSMEs in Fiji. He pointed out the unique traits of entrepreneurship in Fiji, noting that some applicants for their Young Entrepreneurship Scheme are as old as 74 years, indicating a broader need for guidance that can cater to aspiring entrepreneurs of all ages.
Globally, MSMEs are crucial for fostering economic growth and innovation, as they comprise 96% of all enterprises and provide jobs for 56% of the workforce. In Fiji, these businesses represent a remarkable 82% of registered entities, signifying their essential contribution to the country’s economy.
The government’s commitment to nurturing these businesses includes collaboration with the Food and Agriculture Organisation of the United Nations to create an agribusiness incubation center. Insights from the recent assessment are expected to aid in the development of a comprehensive National Incubation Centre, enhancing the support system for small businesses in Fiji.
This initiative provides a hopeful outlook for the future of entrepreneurship in Fiji, showcasing a dedicated effort to create an environment where businesses can thrive, irrespective of the age of the entrepreneur. Such support systems are vital in driving local innovation and economic resilience.
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