THE Coalition Government has invested an estimated $80M to support micro, small and medium enterprises development in the country including the Young Entrepreneurship Scheme, the Integrated Human Resource Development Programme, the Northern Development Programme, the Trade Enhancement Program and the National Export Strategy.
This was disclosed by the Deputy Prime Minister and Finance Minister Biman Prasad in his speech at the graduation of the 21 recipients pioneering the “Graduate Business Start-Up Scheme”, an initiative by the Fiji Commerce and Employers Federation and the Tertiary Scholarship Loans Service designed to help graduates and final year tertiary students contemplating venturing into entrepreneurship.
“MSMEs in Fiji play a significant role, contributing 18 per cent to the national GDP and accounting for 60 per cent of total employment,” Prof Prasad said.
“The Coalition Government, primarily through the Ministry of Trade, Co-operatives, MSMEs and Communications has been working on various initiatives; from legislation to policy and grant funding to support MSMEs.
“The Coalition Government has allocated about $80m to support MSME activities,” Mr Prasad said.
The finance minister said Fiji’s national development plan (2025-2029) aimed to increase the annual economic growth rate to 4-5 per cent, investment to 20 per cent of GDP and MSME contribution to 21 percent of GDP, and to reduce unemployment to 3.8 per cent.
Speaking to the graduates at their graduation last week, he said such schemes, especially ones that prepare people for business are fundamental to contributing to the achievement of national goals.
“The 21 tertiary graduates who have completed the training, business pitching, entrepreneurial attachment and submitted their business plans will receive $5000 each to kick-start their business.
“I am happy to know that the incubatees are from various parts of Fiji – Central/Eastern, Western and Northern Divisions and comprise 70 per cent women.”
He encouraged donor agencies and the private sector to invest in similar schemes.
“Some business support programs have been running for years without consideration for relevance and prevailing market and business conditions. Just as we ensure that graduates have the right knowledge, skills and behaviours for waged employment, we need to ensure that they are also ready for the business environment.”
