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A-G: Think About Financial Institution To Back SME’s

Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum has urged private sectors to work together and help the small and medium businesses. Speaking during the Business Outlook Forum at the Grand
03 Dec 2020 12:32
A-G: Think About Financial Institution To Back SME’s
Second from left: Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum having a discussion with attendees at the Business Outlook Forum at the Grand Pacific Hotel on Monday, November 30. Photo: DEPTFO News

Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum has urged private sectors to work together and help the small and medium businesses.

Speaking during the Business Outlook Forum at the Grand Pacific Hotel on Monday, Mr Sayed-Khaiyum highlighted the need to set up an independent standing entity like a financial institution or bank to support the small and medium businesses.

He said private sectors could consider this and the Government could also provide some funding.

“We need to be creative about this,” he said.

He also urged accounting firms to have some of its accountants providing cash flow projections for small businesses.

He said there were a lot of small businesses who do not know how to do cash flows and how to do project business proposals.

The forum was organised by the Fiji Chamber of Commerce and Industry and Women in Business.

FCCI president Nur Bano Ali, said the harsh reality faced by many small and micro enterprises was challenging.

“For them, it is a case of survival let alone operating at the same levels, hence they need to be supported. We have also seen smaller businesses emerge; those who took advantage of the Government’s concessional loan scheme. All of these SMEs need to be supported.”

Also discussed were:
• Government has funds for unemployment benefits
• Digital registration of companies
• None of the banks have changed their trade policy
• Banks to have a general legal framework in relation to give people a level of confidence
• Tumeric or (haldi) has become the largest export in the last two or so months.

 

Feedback: selita.bolanavanua@fijisun.com.fj


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