The government of Fiji is making significant strides in supporting micro, small, and medium-sized enterprises (MSMEs) with the recent launch of the “Landscape Assessment of Accelerators & Incubators in Fiji.” This comprehensive study, conducted by the Reserve Bank of Fiji in partnership with the Australian Government’s Market Development Facility, sheds light on the current ecosystem for entrepreneurial support in the country.
Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, emphasized the importance of this study, which identifies both opportunities and challenges in fostering entrepreneurship in Fiji. He pointed out that entrepreneurship often emerges later in life for many Fijians, evidenced by applicants to the Young Entrepreneurship Scheme being as old as 74. This statistic illustrates the need for improved guidance and resources for potential entrepreneurs, regardless of their age.
Globally, MSMEs are crucial for economic growth and innovation, comprising 96% of all enterprises and employing over half of the workforce. In Fiji, the significance of these businesses is apparent as they represent 82% of all registered businesses. The government’s commitment to enhancing incubation services includes collaboration with organizations like the Food and Agriculture Organisation of the United Nations to set up an agribusiness incubation center.
Mr. Kamikamica stated that the findings from this study will aid in developing a comprehensive National Incubation Centre, further empowering Fiji’s entrepreneurial landscape.
This initiative reflects a burgeoning support system for entrepreneurship in Fiji, indicating a positive trend toward economic resilience and innovation. By nurturing MSMEs, the Government is not only investing in the future of its economy but also inspiring a new generation of entrepreneurs who can drive sustainable growth.
Overall, this development represents a hopeful step towards empowering individuals and fostering a vibrant entrepreneurial ecosystem in Fiji.
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