Acting FDB Chief Executive, Saiyad Hussain [Source: FDB/Facebook]

The Fiji Development Bank says the development of entrepreneurship has important benefits, both economically and socially.

Acting FDB Chief Executive, Saiyad Hussain, says the role of entrepreneurship – as highlighted in a Resolution adopted by the UN General Assembly in 2016 –is increasingly recognized as a solution to various economic, social and environmental challenges.

Speaking at the University of the South Pacific’s entrepreneurial fair, Hussian says from an economic perspective, entrepreneurs drive economic growth by job creation, providing decent work and promoting innovative industries such as sustainable agriculture.

He says promoting entrepreneurship through such fairs, not only encourage entrepreneurial initiative and attitude but when accompanied by the relevant skills, these contribute towards fostering innovation, and growth of competitiveness in the market.

The CEO adds that with more jobs created by entrepreneurs, more people will be employed, then their and their families’ quality of life will improve, addressing multiple concerns such as poverty, malnutrition, access to better housing, education for boys and girls, better access to basic needs such as clean water and sanitation.

He goes onto say that from an environmental perspective, entrepreneurship can help to address environmental challenges, adding that from introduction of new technologies fueled by clean energy to promoting environmentally sustainable practices and consumption patterns, entrepreneurship holds opportunities to broaden our horizon in the fight against climate change.

Hussein says the pandemic presents an opportunity for all to look beyond and divert resources in transitioning towards a resilient economy.