India Commits Support to Small Businesses

The Indian government was thanked by Faiyaz Koya for its continued support towards formalising Fiji’s MSME sector

The government of India handed $0.58 million to assist Fiji’s Micro Small and Medium Enterprises. Indian High Commissioner to Fiji, Vishvas Sapkal handed funds to the Minister for Industry, Trade and Tourism, Lands and Mineral Resources Faiyaz Koya on Tuesday.

The sum was part of the $10 million ($US5 million) pledged by the Indian Prime Minister Narendra Modi during his state visit to Fiji in November 2014.

In honouring its commitment towards developing Fiji’s MSME sector, the government of India and the Fijian Government signed a Memorandum of Agreement (MOA). “On behalf of the Fijian Government, we thank the Indian Government for its continued support towards our grassroots community and assisting in formalising Fiji’s MSME sector,” Mr Koya said.

This brings the total financial support by the government of India towards the development of the Fijian MSME sector to close to $4.7 million.

The second tranche of assistance will commence later in the year where the commitment made by Mr Modi will be realised in full.

The Indian government recognizes the impact such assistance has made on the lives of ordinary Fijians and will continue its support with a second MOA expected to be signed in November during the Indian Minister for External Affairs visit to Fiji.

Source: DEPTFO News