FIJI’s micro small and medium enterprise (MSME) sector can expect entrepreneurial gaps that exist in Fiji’s business landscape to be addressed in the anticipated ‘MSME Strategy’ currently being developed by the Ministry of Trade, Co-operatives, MSMEs and Communications.
Speaking at the pilot graduation for the “Graduate Business Start-Up Scheme” at the Grand Pacific Hotel last week, the Deputy Prime Minister and Minister for Finance Biman Prasad said he understood the partnership between the MSME Ministry and Fiji’s voice for the private sector — the Fiji Commerce and Employers Federation (FCEF) — for their multiple business accelerator programs was “an excellent opportunity” for MSMEs that wish to accelerate their businesses.
“Fiji is the most diversified economy in the Pacific, this is attributed to the SME sector,” Prof Prasad said.
“With far more students accessing tertiary education under Government scholarships and grants, Fiji is well positioned to become a knowledge-based economy.
“This will springboard new business ventures including technology and digital products and services,” Mr Prasad said.
He said that Government will continue to have a targeted focus on MSMEs in the country and onboard key stakeholders such as FCEF to support the growth of the MSME sector.
Prof Prasad also called on commercial banks, who play a crucial role in the MSME sector, to have dedicated services for the MSMEs on business sustainability, diversification and scalability.
“We need to public success stories of micro-businesses that have grown to small and medium-sized enterprises.
“Banks need to be given public appreciation where they have made an SME financially sustainable with growth.
“It is time for bank executives to have independent expert reviewers on SME financing,” he said.
Mr Prasad further emphasised on-going training and development is critically important for any enterprise including MSMEs.
“I know that FCEF has been voicing concerns on employers’ 1 percent levy, Government has heard you with other stakeholders.
“The independent expert review will be considered by the Government before any legislative changes will be done.”
FCEF alongside the funding from the Tertiary Scholarship Loan Services was the facilitator for the pilot “Graduate Business Start-Up Scheme” and has recently graduated 21 pioneering recipients ready to become job creators.
Note: This article was first published on the print version of the Fiji Times dated June 4, 2025
