ACTING PRESIDENT OF FIJI, HIS LORDSHIP HON. MR. JUSTICE SALESI TEMO'S SPEECH AT THE FDB NATIONAL SMALL AND MEDIUM ENTERPRISE AWARDS 2022

Honourable Government Ministers;
Fiji Development Bank Board Chairman, Mr. Damend Gounder and the Board Directors;
Chief Executive Officer, Mr. Saud Minam, FDB Management and Staff;
Members of the Diplomatic Corps;
Members of the Judiciary;
Permanent Secretaries and Senior Government Officials;
Our Small and Medium Enterprise Entrepreneurs and nominees for the FDB National SME Awards 2022;
Sponsors;
Distinguished guests;
Members of the Media;
Ladies and gentlemen, fellow Fijians joining via FDB Facebook Livestream.
 
Ni Sa Bula Vinaka, Namaste and a very good evening to you all. I bring greetings from our Head of State this evening who is on official engagement, attending the 1111th Session of International Labour Convention – World Work of Summit in Geneva.

I am extremely delighted and honoured to be present here amongst you all to celebrate the success and achievements of Fiji’s Small and Medium Enterprises this evening.
 
At the outset, I wish to commend our SME Entrepreneurs who are undoubtedly the backbone of our economy. We recognise the important role you play in creating jobs, stimulating innovation and contributing to the overall economic growth of the nation. This event is a celebration of your commitment, hard work and achievements and this recognition is testament to how crucial you are to the economy. 
 
While SMEs remain such a crucial aspect of every economy, it remains difficult for them to gain the recognition and support they require and deserve – and I believe this is where awards event like tonight’s make a significant difference.  
 
The Government commends the Fiji Development Bank for providing this platform of recognition which serves as an excellent tool for instilling confidence for our SMEs. Such platforms validate the hard work and accomplishments of the businesses involved; and further raise awareness on the SMEs and the associated challenges they face with opportunities they can equally explore.
 
I have been reliably informed that the Fiji Development Bank’s National Small and Medium Enterprise Awards is the only platform in the country that celebrates the achievements of our SMEs and most importantly is its signature annual event. A worthy feat to celebrate in such a capacity.
 
Ladies and gentlemen, while businesses may find it difficult to stand out in today’s extremely competitive market – FDB has been providing the much-needed exposure and recognition, particularly for SMEs struggling to establish themselves or looking to expand their operations. The innovative financial solutions offered by FDB continue to foster a strong and thriving SME sector. FDB support has helped many businesses realise their full potential and in turn has helped them succeed. 
 
In recognising and rewarding the accomplishments of our SMEs, the development bank is assisting these businesses in establishing an even stronger reputation in their respective industries.
 
To the FDB Board, Management and staff – I acknowledge your commitment to the development of the SME sector and continued support to this cause. Vinaka Vakalevu, FDB, for fostering excellence in our SMEs and in turn our economy. The Coalition Government also shares your vision of inspiring others to strive for excellence and raising the overall quality level in the SME sector. This will undoubtedly help drive innovation and improve competitiveness, benefit businesses, for the wider economy and society. Moving forward, I believe this year’s Award theme ‘Recognising Resilient and Digitally Innovative SMEs’ is appropriate for the post-pandemic environment. 
 
Ladies and gentlemen, one of the biggest lessons learnt from COVID-19 is the importance of resilient and digitally innovative SMEs for Fiji’s economy. The pandemic has highlighted the importance of digitalization and innovation. SMEs that are resilient and digitally innovative are better equipped to weather the storms of economic uncertainty and emerge stronger. COVID-19 was unpleasant, a chaotic experience and equally disruptive. The pandemic has left us with lifelong lessons and a great need for sustainable practices. 
 
During these difficult times, SMEs played a critical role in keeping the global economy alive and Fiji was no exception. Despite these significant challenges as a result of border closures and other health safety measures, many SMEs have shown remarkable resilience and adaptability in continuing to provide essential products and services to their customers. 
 
To SME operators, congratulations for continuing to create job opportunities, it was pleasing to witness how you adapted to the constantly changing global trends by offering flexible work arrangements– to meet both the needs of the customer as well as that of your employees’.
 
Your resilience and perseverance have not gone unnoticed. The ongoing challenges and the disruptions to your supply chains and customer base did not deter you from continuing operations and remaining committed to your employees and customers. To meet the needs of your customers, you have had to adapt to new technologies and business models – such as e-commerce and online deliveries – these are now becoming the new norms of doing business.  
 
Ladies and gentlemen, the coronavirus pandemic has accelerated the use of technology - technology continues to play a crucial role in the business landscape, as we navigate the postCOVID world. At this juncture, it is also imperative for me to bring your attention to the Fiji
Development Bank’s digital transformation agenda. It is encouraging to see that FDB understands the value of digital transformation in the fast-paced and constantly changing business environment of today. 
 
FDB's implementation of an end-to-end digital loan application procedure is a game-changer in terms of enhancing customer service and expanding its customer base throughout Fiji, as well as the maritime islands. According to what I have been informed, the Bank no longer prints or posts account statements; instead, it sends customers e-copies of their statements or allows them to see and download them from a special portal the bank has set up. 
 
I am also happy to note that this year, the NSME Awards application process was made digital for the first time by the FDB, enabling entrepreneurs to submit their applications at their convenience. The digital award application process is also a great solution to eliminate geographical issues in the award application process. This process allowed individuals from anywhere in Fiji to apply for the awards as long as they have access to the internet. Therefore, a digital award application process is a key driver for the inclusion and diversity of award applicants. These online transformation strategies adopted by the Bank cements its commitment to continuously improve its digital capabilities and operational efficiency, reducing costs and being more environmentally friendly.
 
Ladies and gentlemen, with the changing business landscape, digital transformation, and shift towards eco-friendly operations, I am also proud to see that the FDB has remained true to its mandate. It has continued to provide innovative financial solutions to its agriculture, and MSME/SME customers. 
 
The SME Sustainability Package, Ginger Loan Facility under Agriculture Value Chain Financing, FDB Loan for Women Entrepreneurs, and Sugarcane Farmers Special Loan Facility are a few of the recent product developments from the FDB that illustrate the Bank's overall goal of offering suitable and sustainable financial solutions for a range of economic sectors and the promotion of the empowerment of women in this sector. Along with this, the Bank has taken on an admirable responsibility by collaborating with an international organization such as Visa International to provide a Financial Literacy Programme for our people. Educating our people on financial management is a positive step toward ensuring that businesses operate efficiently and sustainably in the long run. 
 
Overall, FDB has made a substantial contribution to the success stories of numerous enterprises across generations and it is encouraging to see the Bank continue to enhance every facet of its business. 
 
In conclusion, I wish to congratulate the 10 businesses that will be awarded for their exceptional performance this evening. You are champions of our SME sector. Your achievements are a source of inspiration for us all. To the award nominees, congratulations and well done for your hard work and for being shortlisted for the awards.
 
Thank you to the Fiji Development Bank, the sponsors and the judges for your commitment towards celebrating the success of our SMEs. Let us continue to support SMEs and work together to build a stronger, more resilient, more sustainable and more inclusive economy for all Fijians.
 
Vinaka vakalevu and thank you. 
 
May God bless us all and May God bless Fiji!