The Young Entrepreneurs Council (YEC) has transitioned into the MSME Council under the Fiji Commerce Employers Federation (FCEF), eliminating the previous age restriction for membership. This announcement was made by MSME Council chair Watesoni Nata Jr at the Fiji Tourism Convention 2024, held at the Sheraton Fiji Golf and Beach Resort.
Previously, entrepreneurs had to be aged between 18 and 40 to join the YEC. Nata emphasized the importance of the MSME Council, stating that its goal is to represent the interests of Micro, Small, and Medium Enterprises (MSMEs) in Fiji, particularly those in the tourism sector.
He expressed gratitude to the Ministry of Tourism for providing a platform to voice these concerns during the convention. Nata highlighted the significance of MSMEs to Fiji’s economy, citing that they constitute a vital component of the labor force and contribute significantly to the country’s GDP.
According to international UN statistics, MSMEs account for 90 percent of businesses globally, employing 60 to 70 percent of the workforce and contributing 50 percent of GDP worldwide. Locally, the MSME sector employs about 60 percent of Fiji’s workforce and accounted for around 18 percent of GDP before the COVID-19 pandemic.
Before the pandemic, approximately 29,000 MSMEs were registered with the Fiji Revenue and Customs Service, contributing nearly $380 million in taxes. Additionally, 92 percent of the 7,401 employers contributing to the Fiji National Provident Fund are MSMEs.
Nata also acknowledged the significant number of businesses operating informally in Fiji that play a crucial role in the economy, even though their contributions are hard to quantify due to lack of registration. He stressed that nurturing the MSME sector is essential for unlocking Fiji’s economic potential and achieving sustainable development.
Furthermore, Nata praised the Fiji Government for the launch of its National Development Plan 2025-2029 and Vision 2050, which cites MSMEs 83 times and outlines goals, policies, and strategies aimed at increasing their contribution to the economy from 18 percent of GDP to 29 percent by 2029.
The two-day convention concluded on Friday.