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Modernizing MSMEs require broad partnership

September 25, 2021 3:45 pm
Minister for Commerce and Trade, Faiyaz Koya

Resilience and long-term sustainability are dependent on our ability to adapt and recreate our economies.

Speaking during the 76th United Nations General Assembly, Minister for Commerce and Trade, Faiyaz Koya says Fijian businesses have learned to adapt to online trading and digital payment platforms.

However, Koya says many micro, small, and medium enterprises face difficulties due to the onerous requirements and prohibitive costs imposed by financial institutions.

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He adds governments of SIDS alone cannot achieve the desired results.

“It takes a broad partnership to modernize MSMEs and help them diversify into knowledge-based economic activities. We need support and sustainable collaboration to build capacity for the adoption of digital commerce platforms which will lower costs and enhance competitiveness. Thus, we need quality investments, including in infrastructure and appropriate technologies.”

He adds the platform serves to reach out to the global community as technical and financial support to SIDS is vital to elevate economies.

Koya says support is needed to enhance research and development and the integration of SIDs into new and innovative industries.

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