HIS EXCELLENCY RATU WILIAME MAIVALILI KATONIVERE'S KEYNOTE ADDRESS AT THE FIJI DEVELOPMENT BANK’S 2023 NATIONAL SMALL AND MEDIUM ENTERPRISE AWARDS

 
Miau sa bula re! and a very pleasant evening to you all. I convey my sincere gratitude to the Executive Chairman and Board of Directors of the Fiji Development Bank for the invitation to deliver the Keynote Address at the 2023 FDB National Small and Medium Enterprise Awards.
 
I am truly honoured to share with you, the Management and Staff of FDB, as well as the Organizing Committee of the 2023 NSME, the accomplishments of small and medium enterprises, who are drivers of economic wellbeing at ground point.
 
I acknowledge the Organizing Committee and the Review Panel for their effort, expertise, and knowledge in finalizing the list of awardees. To all entrants, may I use the phrase that you all are winners considering the collateral risks, among others, that you have had to undertake and manage as sole proprietors in the evolving world of commerce.
 
Tonight, we celebrate the spirit of resilience, innovation, and growth that defines our Micro, Small and Medium Enterprises.
 
I recall my days at Bua Central College. There was a small, family-operated rural shop. It was more than a business; it was the heart of our community, a place where stories were shared, and dreams were built. I share this with you to illustrate how NSMEs are the backbone of our economy, like that little shop was the backbone of that community.
 
NSMEs are the dreamers, doers, and risk-takers, who play an essential role and create the foundation of our economic prosperity.
 
Small businesses, whether they are shops, farms, or tourism services, contribute a significant 18 percent to Fiji's economy and employ 60 percent of our workforce. In the face of adversity, our NSMEs have demonstrated resilience and adaptability. Our NSMEs embraced innovation and digital transformation to survive. This spirit of determination is what makes our NSMEs truly exceptional.
 
It is important to note that NSMEs contribute to the national achievement of the UN-sanctioned 2030 Agenda for Sustainable Development and the Sustainable Development Goals.  As a people and as a nation, we recognize the role that NSMEs play in nation building and economic growth. Jobs created through NSMEs means an improvement in wellbeing, more so for youths and women. Therefore, the role that NSMEs play in reducing levels of poverty cannot be understated.
 
In recognition of their importance, initiatives such as the monthly ROC Market, Garden City Market Day, Vuda Beach Market, and most recently, the Quarry Man Mart in Ba, highlight the dedication to supporting and celebrating our NSMEs. Just last month, a weeklong market was held at the Suva Civic Centre Carpark during Civil Service Week to celebrate the NSME sector.
 
However, despite their success, we must also acknowledge the challenges that our NSMEs face, from accessing markets and developing skills to improving infrastructure.
 
You have been told 'no' more often than 'yes.' But you beat the odds and are an inspiration. You may have encountered losses, but tonight we celebrate you for the times that you picked yourselves up, dusted yourselves off, and continued with strong determination. You are our friends, neighbors, and family. You show us what we are capable of, individually.
 
Amidst the challenges, there are immense opportunities for growth. Digital transformation and sustainable practices can drive efficiency, reduce waste, and enhance transparency. By integrating technologies, our NSMEs can optimize operations and meet the growing demand for ethically sourced and environmentally friendly products. This not only drives efficiency and cost-effectiveness, but also meets the growing consumer demands. Additionally, embracing these innovations enables NSMEs to tap into global markets, fostering economic growth and resilience while contributing to a more sustainable future.
 
The Fiji Development Bank has been a pillar of support for our NSMEs. In 2023, FDB disbursed $40million to the NSME sector, demonstrating its commitment to our nation's progress. FDB's work extends beyond financial support; they provide financial literacy training workshops and educational programmes, particularly for women entrepreneurs, and I commend FDB for its focus.
 
Tonight, we also celebrate inspirational success stories. Take, for instance, Rise Beyond the Reef, which empowers women in rural communities to produce products like ethically sourced artisan crafts of international standards. This initiative not only provides economic opportunities, but also preserves our cultural heritage.
 
Another exemplary story is that of Bakewell Cakes, one of FDB’s 2019 winners. From humble beginnings, Bakewell Cakes has grown into a brand, known for its innovatively baked products. Their journey exemplifies perseverance and passion. Stories like these remind us of the incredible potential within our NSME sector.
 
To all the nominees, you have turned challenges into opportunities and dreams into reality. You inspire us all. My heartfelt gratitude goes to all stakeholders, who support our NSMEs. Let us continue to innovate, adapt, and contribute to the growth and development of our nation.
 
To the Executive Board and Management of the Fiji Development Bank – Vinaka Vakalevu, for your unwavering support. I recognize and thank also all citizens, whether you reside here or abroad, for contributing to the resilience of our NSME sector.In the spirit of entrepreneurship and partnership and to ensure sustainability, may we continue with optimism to strengthen the foundation of this important enterprise.
 
Ladies and Gentlemen, thank you for your attention and may you all enjoy this evening of celebration. May God bless you all and May God bless Fiji.  
 
Vinaka Vakalevu and Thank You.