Riya Mala 
From nine categories, one cooperative was honored at the Fiji Development Bank National SME Awards held yesterday.
Speaking at the event, President Ratu Naiqama Lalabalavu highlighted the crucial role small and medium enterprises (SMEs) play in Fiji’s development.
He notes that SMEs, which are defined as businesses with an annual turnover of up to $1.2 million, form the backbone of the national economy.
He adds that the SME sector fosters entrepreneurship and empowers individuals particularly women and vulnerable groups to start their own businesses.
“Therefore SMEs contribute to regional development by promoting balanced economic growth across the country. In terms of innovation, SMEs in Fiji are well known for their agility and ability to quickly adapt to changing market trends. The sector also serves as incubators for new ideas.”
The President says that enhancing and promoting the crucial role of SMEs is a key component of the government’s national development plan.
He adds that this priority aims to increase the sector’s contribution across the country and to provide better opportunities for cooperatives.
He emphasized the government’s commitment to boosting the growth of cooperatives and empowering individuals to actively contribute to the nation’s development.
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