STIMULATING growth in micro small to medium enterprises (MSME) was critical to stimulating growth for most economies, Fiji included.
Westpac Group senior economist Justin Smirk said developing this sector was hugely beneficial — not only in terms of increasing employment opportunities and economic activity in small communities but also in growing small cottage industries into bigger commercial entities in the future.
“This is where new entrepreneurs are born. It is very important to stimulate this sector because what people don’t understand is that people in this sector don’t stay there very long.
“Successful micro businesses develop and grow into bigger industries,” he said, speaking to The Fiji Times after an economics conference held in Nadi yesterday.
Mr Smirk said MSMEs success lay in the availability of a number of financial and support services.
“The secret for small businesses is access to credit, access to reliable legal services-so entrepreneurs better understand contracts and agreements and the need for an open business network that’s not too highly regulated and controlled.
“If you open the market a bit, small businesses will grow,” he said.
Mr Smirk was in the country to deliver his views on the World Economic Outlook and the Relevance to Fiji.
The economics conference was held at the Capricorn Hotel at Martintar in Nadi.