THERE are about 400 operating co-operatives in Fiji which are involved in 14 different sectors such as wholesale and retail, administrative and support service, banking, agriculture and food industry, real estate activities and transport sectors.
This was stated by the Minister for Commerce, Trade, Tourism and Transport Faiyaz Koya while responding to the question of whether assistance had been provided to co-operatives during the pandemic.
“Despite the setbacks caused by COVID-19 and the wishes of the other side of the House, co-operatives continue to flourish,” he said.
“Co-operatives hold over $133 million worth of assets. They have maintained revenue of $17.9m.
“And in the last financial year, co-operative generated net profit of $2.5m. We have more than 24,500 Fijians who are members of co-operatives and we have more Fijian joining the co-operative family.
“The Department of Co-operative Business receives new registration weekly.”
Mr Koya said co-operatives also suffered because of the pandemic.
“However, with self-help and solidarity, co-operatives showed resilience and versatility.
“Members of co-operatives are able to pull their resources, finance and skills together to quickly adapt to the situation and adjust their plans.”
He said the Fijian Government had provided assistance to boost the recovery of micro, small, and medium enterprises (MSMEs), including co-operatives.
“Holistically speaking, the Government support provided to the MSMEs and co-operatives, ranged from financial assistance, training and hand-holding (that is guiding and nurturing the co-operatives in their business ventures and possible areas of growth).
“I wish to put on record that co-operatives have received assistance prior to the pandemic and will also receive assistance post pandemic. We are here for them and they are here to stay!
“Co-operatives have received close to $300,000 through the numerous livelihood programs offered by the ministry since the outbreak of the pandemic in Fiji.”
Mr Koya went on to add that under the MSME Concessional Loan Programme, $75,200 assistance was provided to co-operatives.
“The Sede na Qele Co-operative Ltd in the North, which is a women-based fishing co-operative, used the funds to plant 500 yaqona plants to grow and diversify its business from fisheries to farming.
“Under our Integrated Human Resource Development Programme (IHRDP), $197,602 was provided to five co-operatives for capital projects. Through this funding program, the businesses provide one third whilst the Fijian Government provides two thirds contribution.
“This concept is giving co-operative ownership and responsibility for the resources that are invested in the venture.
“One such successful recipient is Lovu Co-operative Ltd in Gau, Lomaiviti, that was recently assisted with a 23-foot fiberglass boat with engine, deep freezer and solar panels close to $24,000.”
He said with this assistance, the youth based co-operative had managed to boost its shop operations and diversify into the fishing business.
