Riya Mala 
source: Ministry of Trade, Co-operatives, SMEs and Communications/ Facebook
The Ministry of Trade provided about 17 cooperative grants last year, which are gaining more exposure as more cooperatives seek to access them.
Acting Prime Minister Manoa Kamikamica says the government has increased funding for these grants as part of its ongoing support for micro, small, and medium enterprises.
Kamikamica adds that MSMEs currently contribute around 18% of GDP and hopes this could grow to 30% within the next five to ten years.
He says the sector is proving to be the largest employer in the economy, accounting for 60% of total employment.
“So basically we’ve just recalibrated some of the schemes just to create more interest, and perhaps, you know, recognizing that the cost of living has gone up as well, so we’ve revised some of the parameters.”
Kamikamica adds that the Ministry will focus on encouraging more innovative ideas to be proposed by various cooperatives, aiming to boost growth and sustainability in the sector.
Ministry of Trade Programme Director Monica Dawai says they will be introducing a Youth Entrepreneur Scheme to support budding businesses.
“So, unfortunately, through this program, we cannot just fund any project. We have to look for something unique meaning it’s new or different and innovative, meaning it improves upon a current service or product.”
Dawai says the YES Scheme threshold has increased from $30,000 to $50,000, and priority will be given to projects that are commercially viable while also serving unique market needs.
Stream the best of Fiji on VITI+. Anytime. Anywhere.
