MSME’s urged to focus on competitive advantage

March 18, 2024 3:54 pm

[File Photo]

The exodus of skilled workers is impacting the Micro, Small, and Medium Enterprises in Fiji.

Asian Development Bank Senior Economics Officer Isoa Wainiqolo says for any MSME to succeed, they need to use the right skill set and appropriate technology.

Therefore, Wainiqolo says it is vital for MSMEs to get on board with digitization.

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He has called on the MSMEs to focus on competitive advantage and start with the local market before entering the global environment.

“The last thing you want is to sell a product out there, and you’re competing directly with Asia or the Asian markets because, as we all know, they are low-cost economies.”

Wainiqolo adds that MSMEs play an important role in terms of the future and needs of the country.

He adds that the growth of the MSME sector is very important from the perspective of creating a more competitive economy.