Many businesses are losing out on valuable international trade opportunities due to a lack of knowledge about border requirements, which results in compliance issues and delays. This concern was raised by Watisoni Nata, Chair of the MSME Council, as he presented the council’s feedback to the Standing Committee on Economic Affairs regarding the Fiji Development Bank’s annual reports for 2022 and 2023.
Nata emphasized that navigating diverse border regulations can be particularly challenging for new businesses, many of which are unsure about the specific import requirements for their products. “There’s a lot more awareness that needs to be done in that sense,” he stated. Investment Fiji has indicated plans to provide training to assist businesses in understanding these requirements, and Nata expressed interest in what initiatives the FDB is focusing on regarding exports.
The importance of proper guidance for aspiring entrepreneurs was echoed by Standing Committee Member Premila Kumar. She advised potential business owners to engage with the MSME office at the Ministry of Trade for support, acknowledging that the path to entrepreneurship can be fraught with challenges.
While the digital landscape has made accessing international markets more straightforward, Nata underlined the need for additional training and information to help businesses capitalize on these opportunities. He believes that, with the right support from stakeholders, Fiji’s small businesses possess significant growth potential.
This call for enhanced training echoes earlier discussions about the need for better financial literacy among MSMEs, which is crucial for securing financing and ultimately expanding their operations. Nata’s advocacy for educational improvements in the business sector highlights the ongoing necessity to provide businesses with essential resources and knowledge.
Fostering a more informed business community can lead to greater economic stability not only for individual enterprises but also for the overall economy of Fiji. With the right initiatives and support, there is hope for these businesses to thrive in the global market.
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