Micro, small, and medium-sized business operators can now apply for a share of $3.6 million in MSME grants offered by the Ministry of Trade, Co-operative, MSMEs and Communication. This announcement was made yesterday by Minister for Trade Manoa Kamikamica, who emphasized the significant role that MSMEs play in the economy.
“MSMEs are essential for reducing poverty through job creation, stimulating economic growth, and empowering vulnerable groups,” Kamikamica stated. “The Ministry invites all interested MSMEs to take advantage of this opportunity. Detailed program information is available on the trade website, and applications can be submitted through an online portal. Additionally, the MSME Unit can be reached via the MSME helpline.”
The Ministry has designated $3.6 million for its Enterprise Development Programmes, with the funds allocated as follows:
– Young Entrepreneur’s Scheme – $200,000
– Integrated Human Resource Development Programme (IHRDP) – $1.7 million
– Trade and Enhancement Programme – $100,000
– Northern Development Programme – $800,000
This allocation marks a $1 million increase from the previous fiscal year.
The new fiscal year 2024-2025 begins today, activating several measures announced in the national budget delivered in June by Minister of Finance Biman Prasad. Among these measures is an allocation of $120 million to support MSMEs across various sectors.
“The funding has been distributed to sectoral ministries including the Ministry of Trade, Ministry of Agriculture and Waterways, Ministry of Rural Development, the Ministry of Multi-Ethnic Affairs, and the Sugar Industry to further boost MSMEs. The aim is to develop local resource owners, inspire entrepreneurial spirit, and drive sustainable growth across all sectors,” Kamikamica explained. “We are committed to empowering and educating micro, small, and medium enterprises, including cooperatives, youth, women, and persons with disabilities.”
Last year, 60% of the Ministry’s total assistance under its Enterprise Development Programmes went to women-owned businesses, Kamikamica noted.
There are approximately 50,000 registered MSMEs in Fiji, accounting for about 82% of all businesses. MSMEs contribute around $60 million annually in tax payments, the Minister added.