MSMEs foundation for businesses in Fiji
13:45 Wed Mar 14, 2018
Taken from/By: FBC News
Report by: Maggie Boyle
Micro, small, medium enterprises are the foundation of any developing economy.
Minister responsible – Faiyaz Koya highlighted this while speaking in Parliament.
“Minister for Trade – Faiyaz Koya in Parliament noted that in Fiji, MSMEs constitute approximately 97 percent of established businesses, provide employment to approximately 37 percent of the total formal labour force and contribute about 12 percent to GDP.”
Majority of these MSMEs he says are concentrated in the primary, retail and services sectors.
Koya says given the significance of this, the Fijian government has invested in a number of initiatives that aim to expand on this growth, one of which is the Micro and Small Business Grant or MSBG.
Through capital injection of up to $1,000 to MSMEs, Koya says the MSBG has supported a total of 17 970 recipients over the last four years with total investment of $17.4 million.
This support Koya says has impacted the lives of approximately 89 850 Fijians.
To break it down further, the Minister highlighted that this assisted a total of 10,760 Male and 7,210 Female entrepreneurs and in terms of geographical distribution, a total of 10,855 entrepreneurs in the rural and 7,115 urban recipients have been assisted.
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