MSME makes an 18% GDP contribution

February 2, 2023 12:25 pm

[File Photo]

Micro, small and medium enterprises have over a million-dollar pool of assistance that they can apply for.

This is made available through the MSME Fiji Grant Program under the Ministry of SME’s.

There are five funding programs altogether.

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Chief Business Advisor Iosefo Koroidimuri says the new strategic direction of the ministry will ensure that the sector’s full potential is realized.

“The micro- and small- and medium-sized enterprises hold almost 60% of the total businesses in Fiji.”

Koroidimuri says they expect the sector’s GDP contribution to spike.

“In terms of GDP, they contribute almost 18% of GDP.” “That is 18% before COVID, and if you notice during COVID time, a lot of small businesses mushroomed throughout the country.”

Meanwhile, the SME Minister, Manoa Kamikamica revealed earlier this month that there is a lot of commitment to enhancing MSME businesses.

“And bolting on the MSME discipline so that we can develop sort of this businesses reaching in to the rural economies. There are a lot of opportunities. “The main question is how we’ll bring it all together.”

The Ministry supports businesses that have annual turnovers from as low as $0 to as high as $1 million.

Since 2007, the ministry has invested over $100 million in MSMEs.