Fiji’s SME sector poised for growth – FBC News

There are over 50,000 registered businesses in Fiji, 72 per cent of which could potentially be classified as MSMEs, and this number could be higher taking into account the informal sector.

Minister of Trade, Micro, Small and Medium Enterprises Manoa Kamikamica noted that over the past three years, SMEs have made a significant contribution to the Fijian economy, contributing approximately $190 million in tax revenue, with the Fiji Revenue and Customs Service expecting to exceed its tax collection targets this year.

Kamikamica says these statistics underscore the importance and stable presence of the SME sector in Fiji’s economic landscape.

“The goal is to increase the share of the SME sector in GDP from the current 18 per cent to 30 per cent over the next decade. Achieving this goal involves unlocking the potential of the rural economy and strengthening its linkages with the private sector. He stressed the need to support the private sector, especially SMEs, to drive growth. I think we will go far in our efforts.”

Kamikamica says the latest budget includes several initiatives to support SMEs, with an estimated allocation of $75 million to $80 million.

These initiatives include increased subsidies through the Ministry of Commerce, new cooperative and ecotourism programs, subsidized loans and tax-exempt status for domestic businesses, as well as support from other ministries.