Government Commits to Better SME Sector
‘The growth of MSMEs is essential for job creation, income generation, rural development, poverty alleviation and empowerment of youth and women.’
Small medium enterprise is a critical part of Fiji’s economy, it generates innovation and creates employment, says Deputy Prime Minister and Minister for External Trade, Cooperatives and SMEs Manoa Kamikamica.
Helping SMEs, he said, would help Fiji build back better and stronger.
Mr Kamikamica was speaking during the Knowledge Economy Lecture at the Grand Pacific Hotel in Suva on Thursday.
“The government will dive deeper into the SME sector because there are opportunities in this area but because of COVID, many business owners have pulled back some of the initiatives,” he said. Small and Medium Enterprises (MSMEs) form the backbone of the Fijian economy, however, there have been challenges in establishment and operation.
These include difficulties in accessing markets and market information, availability of finance and the burden of regulatory requirements to do business.
“The challenges continue to pose barriers that can be reduced to allow a more enabling environment to support the growth of Small and Medium Enterprises (MSMES).”
Mr Kamikamica said the government was committed to improving the institutional setting to support Small and Medium Enterprises MSMEs across the economy.
“The growth of MSMEs is essential for job creation, income generation, rural development, poverty alleviation and empowerment for youth and women.” He stressed that there should be a focus on graduating SME’S to expand business operations because it would bring in greater efficiency and create more jobs. Small medium enterprise development initiatives should be undertaken in a sustainable manner with strict criteria and continuous monitoring mechanism to ensure support is provided, he said. His ministry is willing to collaborate with stakeholders, such as local university faculties, to strengthen MSME policy research and institutional capability to deliver reforms.
“We just need to have a look at what’s in the coffers and invest more in that space and see what augurs well with youth in Fiji, so it’s a great opportunity, Mr Kamikamica added that hurdles needed to be addressed as more SMEs embrace digital platforms.
“One of the main components will look into assisting SMEs to adapt and incorporate online trading and digital payment platforms.
“Having SMEs on digital platforms also requires building knowledge and creating awareness of regulatory and compliance matters namely on unfair business practices and inadequate online dispute resolution.”
Mayor of London Sadiq Khan has attacked the UK’s decision to leave the European Union, saying the consequences of its actions “can’t be airbrushed out of history”.
The Labour mayor is calling for a shift to greater alignment with Europe, saying, “I simply can’t keep quiet about the immense damage Brexit is doing”. In October 2021, the independent
Office for Budget Responsibility estimated that Brexit would reduce GDP by 4% a year, compared with if the UK had remained in the EU.
Mr Khan goes on to say, “After two years of denial and avoidance, we must now confront the hard truth: Brexit isn’t working”. A recent poll of British people shows that support for Brexit has fallen considerably, with 54% of those canvassed believing it was a bad idea, compared with 35% who think it was right.