Fiji’s five and 20-year National Development Plan recognises micro, small and medium enterprises as “essential” to economic growth.

Harnessing the energy and innovation of Fiji’s youth remains a top priority and will enable the creation of more quality jobs, a Government Minister has said.

Closing a recent ‘Start and Improve your Business’ training programme on Friday, Minister for Youth and Sports Laisenia Tuitubou urged youths to pursue entrepreneurship.

The training programme is conducted regularly for youths from across Fiji’s rural communities.

Participants come from as far as the Lau Group to attend the typically week-long programmes.

For youths in rural communities, particularly in Fiji’s maritime regions, running small or micro businesses can be their only shot at earning a livelihood.

Fiji’s five and 20-year National Development Plan recognises micro, small and medium enterprises as “essential” to the country’s economic growth.

The plan’s three major goals for the sector include reforming the MSME business regulatory environment, improving access to finance and business training.

An MSME council has been established to oversee the achievment of these goals.

Additionally, the provision of a Secure Transactions Framework is included in the plan.

It will allow for the “the use of movable property such as equipment, inventory, accounts receivable, equities, crops and livestock as collateral for accessing loans.”

Policy makers will also have access to a database of registered MSMEs, giving them access to data that the plan says will aid the decision making process.

“In developing countries like Fiji, more than two-thirds of all jobs now originate in micro, small, and medium-sized enterprises,” Mr Tuitubou said.

“Through entrepreneurship, harnessing the energy and innovation of youth, there is an opportunity to lift the quantity and quality of jobs, and to generate inclusive and sustainable growth.”

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