” fever, but this is a larger phenomenon across the globe. studies actually show women entrepreneurs conducting small businesses are the driving force and are, by far, more successful than men – and, dare i say it, with such empowerment at this level, they are said to contribute more to gdp. bis central bankers ’ speeches indeed there is one micro finance institution operating in fiji, and in other parts of our pacific region, that will only lend to the ladies, for the very reason that women are more likely to pay back the loans with interest! south pacific business development currently has nearly 3, 900 lady clients under its fijian micro loan portfolio and a repayment rate in excess of 95 percent. clearly we men need to step up to the plate and be counted. so, while i am not a judge for the awards, ( and i would not wish to influence anyone ), hopefully we may see a change this year when the prizes are handed out – if just to prove all those studies wrong! it would be remiss of me not to mention a great example of one of our small businesswoman entrepreneurs who is riding the path of success. makereta matemosi was the overall winner of the 2007 fiji development bank small business awards. a $ 35 manual sewing machine was her initial investment. she started sewing bags using mats as the base material. then the opportunity from the makers of mokosoi products gave her a break – she was asked to make traditional packs for their products. with product engineering, masi was blended with the mat bags. with three more electric sewing machines donated to her, her business flourished and she was able to attract more orders from as far as new zealand. the assistance from her community also assisted her in the production process so that she was able to meet her customers ’ orders. today, makareta ’ s masi designs are recognised internationally – her masi design is fiji airways ’ brandmark. it epitomises fiji and enhances the new name of our national carrier. the new symbol in the brandmark brings fiji ’ s culture and heritage to life by linking the name “ fiji airways ” with this highly respected and traditional art form that has been a part of fijian culture for several centuries. from humble beginnings, makareta has shown us that there is light at the end of the tunnel and if you persevere, work hard and believe in your dreams, everything will turn out right, eventually. i have no doubts that she will

barry whiteside : celebrating the fijian entrepreneurial spirit opening address by mr barry whiteside, governor of the reserve bank of fiji, at the launch of the 2013 fuji development bank small business awards, suva, 14 august 2013. * * * ratu deve toganivalu executives and staff of fiji development bank fellow sponsors distinguished guests ladies and gentlemen introductory comments bula vinaka and a very good morning to you all. thank you, ratu deve, for your kind invitation to launch the 2013 fdb small business awards. it is another significant event on the business calendar where we recognise the achievements of the private sector, and in this particular case, small businesses in fiji. these awards were conceived around the idea of the need for us all to stop what we are doing and salute those small businesses doing great things for our country. let us not only celebrate the winners, but also all the others that have dared to back their entrepreneurial spirit and set up a business. we trust that this event will create the necessary awareness out there of these “ mum and dad ” type enterprises. we hope that this will further encourage them to grow from strength to strength to become much larger businesses in the future. there are of course many examples we can cite of large successful fijian companies that started from virtually nothing. the small business awards today is actually the 10th anniversary of the fdb ’ s small business awards and i am honored to be here to share this achievement with you. i applaud the fiji development bank for organising this competition over the years. the fact that it has been sustained shows fdb ’ s commitment and energy towards growing the fijian economy by assisting the small players, particularly, in providing them with access to credit. one of the major challenges of small businesses is who will give them the money to start and sustain their initial operations? the winners i have been informed that this year there are seven award categories : – agriculture, tourism, wholesale & retail, professional & business services, manufacturing, a best business practice award and a special award. that pretty much covers everything. ladies and gentlemen, in as far as gender balance goes when it comes to small businesses, women are clearly the driving force. unfortunately they beat us men “ hands down ”. last year ’ s awards saw women entrepreneurs win five of the seven awards. as a man, this is always a difficult and painful one to explain as it is not only fijian men that suffer our well known “ malua