Micro, Small and Medium Enterprises (MSMEs) face a variety of challenges, including issues with accessing affordable financing, adopting new technologies, and navigating complex regulatory processes. These concerns were highlighted in the National Development Plan for 2025-2029 and Vision 2050, which was launched recently in Suva.
The government pointed out that there is a significant lack of dedicated infrastructure and facilities for MSMEs in urban and local government areas, as well as insufficient digital infrastructure. Additionally, the report noted a lack of cohesion within the MSME ecosystem, which hinders collaboration and growth.
Currently, there is a noticeable gap between existing policies, support mechanisms, investment opportunities, and market development initiatives aimed at start-ups and MSMEs, which poses challenges for entrepreneurs.
The document also mentioned that many informal businesses remain unregistered, presenting both a challenge and an opportunity for MSMEs to formalize these entities through simplified registration processes. There is potential to harness natural resources for the development of MSMEs, and diversifying domestic businesses through cooperatives could yield significant benefits, especially in rural and maritime areas.
By managing natural resources sustainably, MSMEs can promote eco-friendly practices and generate employment in rural regions. The government has identified the MSME sector as a key focus in its four-year development plan and long-term vision for Fiji.