Fiji’s micro, small, and medium enterprise (MSME) sector is set to benefit from an upcoming ‘MSME Strategy’ currently in development by the Ministry of Trade, Co-operatives, MSMEs, and Communications. This strategy aims to address existing gaps within Fiji’s business landscape, focusing on creating an environment conducive to growth and innovation.
During the graduation ceremony of the pilot “Graduate Business Start-Up Scheme” held at the Grand Pacific Hotel, Deputy Prime Minister and Minister for Finance Biman Prasad highlighted the importance of the collaboration between the MSME Ministry and the Fiji Commerce and Employers Federation (FCEF). He praised the various business accelerator programs offered, calling them “an excellent opportunity” for MSMEs looking to expand.
Prasad elaborated on Fiji’s status as the most diversified economy in the Pacific and emphasized the pivotal role of the SME sector in contributing to this diversity. With government scholarships enabling greater access to tertiary education, Fiji is well-positioned to transition towards a knowledge-based economy. This shift is expected to spawn a variety of new business ventures in technology, digital products, and services.
The Deputy Prime Minister also urged commercial banks to offer dedicated services that prioritize MSME business sustainability, diversification, and scalability, noting the necessity for banks to actively promote success stories of micro-businesses that have successfully transitioned into more established enterprises. Furthermore, he addressed concerns voiced by the FCEF regarding the employer levy, indicating that the government has taken these concerns seriously and will consider an independent expert review before making legislative changes.
In line with the recent graduation, 21 recipients of the Graduate Business Start-Up Scheme received grants of $5,000 each, aimed at helping them launch their businesses. This initiative, also backed by the TSLS, marks an important step toward empowering new entrepreneurs and contributing positively to Fiji’s economy.
This focus on entrepreneurship and support for MSMEs carries a hopeful message for the future of Fiji’s economy. As the government and partners like FCEF continue to invest in and develop this sector, there is potential for significant economic resilience and job creation in the years to come. With an increasing number of graduates embracing entrepreneurship, Fiji is paving the way for a new generation of business leaders prepared to drive innovation and growth.
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