The Ministry of Commerce and Business Development, in collaboration with Korea’s Ministry of Economy and Finance, launched a Knowledge Exchange and Workshop aimed at fostering Small Medium Enterprise (SME) Development. The event kicked off today and is set to run for three days.
Assistant Minister for Commerce and Development, Sachida Nand, emphasized that Korea’s developmental successes highlight the vital role of sustained policy commitment and effective institutional coordination in nurturing entrepreneurship and fostering industrial growth. He pointed out that while the national contexts of Korea and Pacific Island nations differ, the principles of strategic planning, capacity building, innovation support, and collaborative efforts between public and private sectors serve as valuable benchmarks for strengthening local Micro, Small, and Medium Enterprises (MSMEs).
Nand also underscored the significance of MSMEs in Fiji’s economy, revealing that they accounted for 80 percent of the country’s Gross Domestic Product prior to the pandemic. He noted, “Fiji’s economic recovery, resilience, and long-term prosperity will depend heavily on how effective we support and empower these enterprises; the local innovators, farmers, physicians, and entrepreneurs who drive grassroots development.”
The workshop brings together partners from various Pacific Island nations, delegates from Korea, and representatives from the World Bank. The aim is to facilitate an exchange of insights and experiences that can help promote inclusive prosperity across the Pacific region. This collaborative effort not only seeks to enhance local economic capacity but also to inspire a collective vision for sustainable growth and resilience in the face of future challenges.
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