Fiji’s Finance Minister, Professor Biman Prasad, has recently encouraged aspiring entrepreneurs to take advantage of government support to establish new businesses, particularly in sectors like agriculture. He emphasized the availability of numerous incentives, including tax exemptions that can span from five to twenty years, depending on the amount of capital invested.
These exemptions extend to specialized machinery, equipment, and agricultural inputs that can be imported duty-free, significantly lowering costs and facilitating the scaling of operations. Professor Prasad noted that Fiji’s economy is on a positive growth trajectory, making this an opportune moment for investment and expansion.
The Coalition Government is dedicated to fostering a business-friendly environment by eliminating bureaucratic obstacles and reducing overall business costs, which ultimately boosts investor confidence. He stated that a comprehensive suite of tax incentives exists to further encourage investments.
Prasad called for local entrepreneurs with innovative ideas to reach out to his ministry for assistance, reiterating that the government is open to discussions regarding challenges they may face. He pointed out that while Fiji previously had a limited number of feed mills, the current shift towards more poultry farmers investing in feed manufacturing is a step forward. This increased competition enhances economies of scale, potentially resulting in more affordable and higher-quality products for Fijians.
Importantly, he underscored the expectation that benefits derived from government concessions should be passed on to consumers, ensuring that protectionist measures do not lead to inflated prices for everyday Fijians. If these expectations are not met, the Coalition Government is prepared to consider more stringent measures in future budgets.
The government’s commitment to empowering entrepreneurs and the positive developments within the agriculture sector suggest a hopeful outlook for Fiji’s economic landscape. The focus on supporting local businesses and fostering competitive markets can lead to enhanced economic resilience and innovation moving forward.
Overall, this initiative aligns with recent efforts by the Fijian Government to bolster micro, small, and medium-sized enterprises (MSMEs) as highlighted by previous studies, making it clear that cultivating a vibrant entrepreneurial ecosystem is pivotal for ongoing economic growth.
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