The increasing visibility of micro businesses on Government’s agenda will see a small but significant name change to the relevant ministry in the new financial year.
Cabinet last week approved the inclusion of “Micro” in the ministry’s name, to be known as ‘Ministry of Trade, Cooperatives, Micro, Small and Medium Enterprises, and Communications’ from August 1.
“Micro, Small and Medium Enterprises (MSMEs) represent approximately 82 per cent of registered businesses in Fiji, which is equivalent to approximately 30,000 businesses excluding unregistered and informally operating enterprises,” Cabinet stated.
“The micro business sector is an integral part of the MSME community and can be considered the engine of growth for the Fiji economy.”
The sector, it added, is one of the most vulnerable business segments still at the infancy stage of enterprise development, requiring mentoring and attention if they are to graduate towards ‘small’ and ‘medium’ enterprise segments.
“Their growth needs are markedly different to small and medium enterprises.
“The micro sector thus needs recognition and support from the Government through policy initiatives, financing, training and market access.
“This validation will be enhanced through its recognition and inclusion in the ministry’s name.”
