$120 million allocation for support of MSMEs from 2024/2025 National Budget - DPM

Deputy Prime Minister and Minister for Trade, Manoa Kamikamica says the Fiji Government has announced a significant allocation of nearly $120 million for the support of micro, small, and medium enterprises (MSMEs) as part of the 2024/2025 National Budget.

The Deputy Prime Minister says from their estimates, this is an increase of 29 percent from the previous budget allocation.

Kamikamica says Micro, Small, and Medium Enterprises play a significant role in reducing poverty, fostering inclusive growth, and contributing to sustainable development.

He says that MSMEs contribute approximately $50 million to $60 million annually in taxes.

Kamikamica says in Fiji, there are approximately 50,000 registered MSMEs and that accounts for approximately 82 percent of businesses in Fiji, if not more when taking into consideration MSMEs that are not yet registered.

Kamikamica says the funding was distributed across various sectoral ministries, including the Ministry of Trade, Co-operatives, Micro, Small and Medium Enterprises and Communications, Ministry of Agriculture and Waterways, Ministry of Rural Development, as well as the Ministry of Multi-Ethnic Affairs and Sugar Industry, with the aim to further boost MSMEs, whether it is for developing local owners' resources, inspiring the passionate entrepreneurial spirit, or driving sustainable growth across all sectors. He says they are committed to empowering and educating micro, small and medium enterprises (MSMEs) including co-operatives, youth, women and persons with disabilities.

The Deputy Prime Minister says the Government aims to enhance the capabilities of MSMEs through 2 targeted support, ensuring that these enterprises can contribute significantly to Fiji's economic growth and sustainability.

The initiative is part of a broader strategy to restore trust in the Government and stimulate economic development across the nation.

In this financial year (2023/2024), they had received overwhelming applications of 1,520 at the total grant request of $6.4million against the budget allocation of $2.6 million.

Following assessment and deliberation by Panel Committees of various grant programmes, the Ministry has approved 1,017 applications at the grant value of $3.9 million.

To support well deserving MSMEs, the Ministry utilised savings and invested an additional 50 percent of the total budget allocated for MSMEs which was $2.6 million.