Trade Ministry to incorporate Micro in renaming

February 9, 2024 2:55 pm

[File Photo]

Cabinet has given the green light to include ‘Micro’ in the Ministry of Trade, Cooperatives, Small and Medium Enterprises and Communications’ name.

Starting August 1st, the Ministry will be known as the ‘Ministry of Trade, Cooperatives, Micro, Small, and Medium Enterprises and Communications.

According to the government’s statement, MSMEs make up around 82 per cent of registered businesses in Fiji, totalling approximately 30,000 businesses excluding unregistered and informal enterprises.

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The micro-business sector seen as the growth engine for the Fijian economy is crucial but remains vulnerable and in the early stages of development.

Distinguishing itself from ‘Small’ and ‘Medium’ enterprises, the micro sector requires special attention including mentoring, policy support, financing, training and improved market access.