SUVA, Nov. 27 (Xinhua) -- Fiji has announced a record investment of nearly 160 million Fijian dollars (around 70.4 million U.S. dollars) this fiscal year to strengthen its Micro, Small, and Medium Enterprise (MSME) sector -- the largest allocation in the country's history and a 33 percent increase from last year.
Minister for Finance, Commerce, and Business Development Esrom Immanuel told parliament on Thursday that this unprecedented support is designed to boost innovation, help small businesses withstand global economic pressures, and promote more inclusive growth across Fiji's communities.
He highlighted that the government's long-term goal is to grow MSMEs into a major economic engine, enabling the sector to contribute 40 percent of Fiji's GDP by 2030.
As part of wider efforts to stimulate entrepreneurship, the Fijian government has also introduced new incentives, including a 150 percent tax deduction for companies that donate to accredited start-up incubators and accelerators -- a move aimed at strengthening Fiji's emerging innovation ecosystem.
MSMEs make up more than 90 percent of businesses in Fiji and play a critical role in employment and income generation, particularly for women, rural communities, and young entrepreneurs.
In recent years, the Fijian government has expanded financial support schemes, digitalization initiatives, and capacity-building programs to help small businesses recover from the pandemic and adapt to shifting economic conditions.
Immanuel said these latest investments show that Fiji's MSME sector is becoming "stronger, more resilient, and more innovative," ensuring economic opportunities reach communities across the country. ■
