A new wave of young entrepreneurs in Fiji is set to rise, thanks to a government-funded initiative aimed at empowering graduates to establish their own businesses. This follows a graduation ceremony held last week at the Grand Pacific Hotel in Suva, where 21 participants of the Graduate Business Start-Up Scheme celebrated completing their training — a pivotal moment in the pilot phase of the initiative.
Dr. Hasmukh Lal, CEO of the Tertiary Scholarships and Loans Service (TSLS), highlighted the significance of collaboration between government policies and responsive partners like the Fiji Commerce and Employers Federation (FCEF). His remarks emphasized that effective execution is crucial, stating, “We can have many policies, but without committed partners, those policies tend to fail.” FCEF’s leadership in this program has sparked substantial interest among graduates, showcasing its importance in nurturing entrepreneurial talent.
The scheme addresses the critical role of micro, small, and medium enterprises (MSMEs) in Fiji’s economy, with recent data revealing that as of 2020, MSMEs represented 82.4% of the economic landscape and employed 60% of the national workforce, contributing about 80% to Gross Domestic Product. Mr. Lal expressed strong confidence that the influence of MSMEs has only grown since.
He also underscored the potential of Fiji’s advancing technological infrastructure, with the arrival of new internet service providers, including Starlink and Google, enabling the country’s tech-savvy youth to launch innovative ventures. Mr. Lal urged universities to integrate entrepreneurial training into their academic programs, drawing comparisons to leading institutions in the U.S. like UC Berkeley, which is known for producing numerous business founders.
The essence of this initiative is to transform graduates from job seekers into job creators, fostering a mindset that encourages resilience amidst challenges. Mr. Lal encouraged the program’s participants to embrace their pioneering roles and to view obstacles as learning opportunities. The TSLS plans to continue collaborating with FCEF to align funding with industry needs, reinforcing the commitment to developing human capital in Fiji.
This initiative is projected to act as a model for future nationwide rollouts, potentially reshaping Fiji’s economic landscape by focusing on its most vital asset—its youth. The combined efforts of the TSLS and FCEF initiate a promising step toward promoting job creation, innovation, and economic diversification in the country, while substantiating the notion that empowering graduates can lead to a brighter economic future.
As these graduates prepare to launch their ventures, their success could inspire further investment in entrepreneurial education and support systems in Fiji, ultimately fostering a culture of innovation and resilience within the nation.
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