SUNBIZ

$5.9 Million Indian Grant Assistance

This year, the Ministry of Industry, Trade and Tourism has more creative business ideas in store. This was highlighted by the Minister for Industry, Trade, Tourism, Lands and Mineral Resources
28 Feb 2018 14:27
$5.9 Million Indian Grant Assistance

This year, the Ministry of Industry, Trade and Tourism has more creative business ideas in store.

This was highlighted by the Minister for Industry, Trade, Tourism, Lands and Mineral Resources Faiyaz Koya while officiating at the Memorandum of Agreement Signing on Micro and Small Business Sector Assistance yesterday.

With the signing of the MOA was for the second phase of support from the Indian Government for the Micro and Small Business Grant Initiative of the Fijian Government (MSBG)has again shown confidence in the MSBG initiative.

The signing between the Fijian Government and the Indian Government was held at the MITT Conference Room, Level 3, Civic Towers, Suva.

Mr Koya said: “I must tell you that this year we have even more creative business ideas.

“We have had positive results, as those assisted through the MSBG initiative are growing and some expanding their businesses.

“The support of $5.9 million will definitely provide a boost to the investment that the Fijian Government has made. Through this support the Indian Government will be able to support the livelihoods of at least 5,900 individuals.

“You are part and will always be part of the success of the MSBG initiative and the success of our micro and small businesses.

“We again thank the Indian Government for their support and hope to continue building stronger relationships in years to come.

“I wish to thank the Indian High Commissioner, Vishvas Sapkal for his support and efforts in making this event happen.”

Indian High Commissioner Vishvas Sapkal said: “Fiji was successful implementing the scheme.

“I congratulate the Minister Koya and the Ministry of Trade and Tourism.

“Relations in all spheres are really going well.

“We are very grateful to be part of this scheme and we will continue to provide assistance.”

MSBG intiaitve

The MSBG initiative began in 2014 and since then Fijian Government has supported more than 17,970 micro and small entrepreneurs.

This support has directly impacted the lives of approximately 89,750 Fijians.

Whilst the Fijian Government has invested a significant amount of funds in this intiative, it has also been the support of the Indian Government that has given a boost to the programme.

The Indian Prime Minister, Narendra Modi, during his visit in 2014 committed to support the Fijian Government’s initiative that bolstered the growth of  the grassroot communities.

The first phase of the Indian support was $4.67 million, which was provided in 2016.

“As you are aware the MSBG initiative is providing support to the smallest of small businesses, to individuals who have a business and want to grow it or those who want to start a business,” Mr Koya said.

“Hence, the funding is a maximum of $1000.”

The funds provided by the Indian Government in the first phase, supported a total of 4752 entrepreneurs realise their dreams.

These businesses include: farming, poultry, bee keeping, livestock farming, piggery, market vending, retail, florist, bakery, sewing, roadside stalls, tailoring and handicraft, to name a few.

Feedback:  maraia.vula@fijisun.com.fj

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