Cooperative sector thrives in Fiji: official-Xinhua

Cooperative sector thrives in Fiji: official

Source: Xinhua

Editor: huaxia

2024-06-18 17:59:30

SUVA, June 18 (Xinhua) -- Fiji's cooperative sector continues to thrive, with 151 million Fijian dollars (around 67 million U.S. dollars) in assets and generating 2.5 million Fijian dollars (around 1.1 million U.S. dollars) in profits.

Permanent Secretary for Trade, Co-operatives, and Small and Medium Enterprises Shaheen Ali made the remarks on Tuesday in Nadi, reported Fiji Broadcasting Corporation.

Ali said over the decades, the cooperative sector had experienced numerous fluctuations but remained a vital component of Fiji's economy.

Fiji has 615 operating cooperatives spread across 15 diverse sectors, encompassing over 35,000 members, he said, adding that the demand for cooperative forms of business has also increased in the country.

"In a month an average of 60 cooperative awareness sessions are conducted by the Department of Cooperative Business, resulting in an average of 15 cooperative registrations per month. This has doubled from the previous year," he said.

Ali attributed the robustness of the cooperative movement to its inclusive and sustainable business model, which has gained recognition across all sectors of the Fijian economy.

He said the cooperative model is prevalent in key industries such as agriculture, sugar, fisheries, and forestry.

It has also become integral to the development programs of various ministries focused on women, youth, and rural development, Ali added.