Cabinet has approved the inclusion of ‘Micro’ in the name of the Ministry of Trade, Cooperatives, Small and Medium Enterprises, and Communications.
From 1 August 2024, the Ministry will be called ‘Ministry of Trade, Cooperatives, Micro, Small and Medium Enterprises, and Communications’.
Prime Minister Sitiveni Rabuka in a statement said the Micro, Small and Medium Enterprises (MSMEs) represent approximately 82 per cent of registered businesses in Fiji, which is equivalent to approximately 30,000 businesses excluding unregistered and informally operating enterprises.
He said the micro business sector is an integral part of the MSME community and can be considered the engine of growth for the Fiji economy.
“This sector is one of the most vulnerable business segments still at the infancy stage of enterprise development, requiring mentoring and attention if they are to graduate towards ‘Small’ and ‘Medium’ enterprise segments.”
“Their growth needs are markedly different to ‘Small’ and ‘Medium’ enterprises.”
“The micro sector thus needs recognition and support from the Government through policy initiatives, financing, training and market access.”
He said this validation will be enhanced through its recognition and inclusion in the Ministry’s name.