The Ministry of Trade, Co-operatives, Small and medium Enterprises, and Communications approved 1016 applications for assistance from micro, small and medium enterprises (MSMEs) worth $4million this financial year.
The ministry received a total of 1520 applications to the tune of nearly $6.4m for MSME assistance.
Deputy Prime Minister and Trade Minister Manoa Kamikamica revealed these figures in his contribution to the 2024-2025 National Budget debate in parliament Monday as he indicated the ministry’s continued support for small and medium business enterprises.
“These funds supported diverse sectors, including eco-tourism, manufacturing, forestry, ICT and crucial service sectors,” Mr Kamikamica said.
He said Fiji had more than 50,000 registered businesses, with 72 per cent classified as small and medium enterprises.
“The ministry will continue to promote growth and economic diversification, using the $3.6m budget increase to support SMEs across all sectors.”
Meanwhile, co-operatives have also been pivotal in fostering sustainable development and economic empowerment.
“The Department of Cooperatives’ efforts led to an 84 per cent increase in registrations this year, with a $400,000 capital grant to boost co-operatives, helping them transition from small to medium scale.”
