BSP Life’s $7 million Voivoi Project to Create Economic Activity in Nadi
BSP Life launched its $7 million Voivoi Development project with a ground-breaking ceremony in Nadi today. The event was officiated by the Reserve Bank of Fiji (RBF) Governor, Mr. Ariff Ali. BSP Life Managing Director, Mr. Michael Nacola said, “Despite the challenges posed by COVID-19, BSP Life continues to progress its planned investments and in doing so assist our country’s economic recovery.” “This project adds to our already strong and diversified $787 million Investment portfolio. The development will have a mix of warehouses and office spaces. Local suppliers have been engaged and the development is expected to employ around 150 Fijians over the project duration.
Given the significant impact COVID-19 has had on Tourism, this investment could help boost economic activity for the Nadi region.” “We also hope that this development will encourage local and foreign investors to move planned projects from shovel ready status to shovel moving status”, added Mr Nacola, as he made a call to attending decision makers to support local investment. “New projects mean new jobs, incomes generated, increased spending, and positive flow-on effects that can accelerate our economic recovery. This is a great time to invest given the ready supply of labour and reduced cost of materials. BSP Life has great confidence in our country’s ability to recover from setbacks.
Our country is resilient and our people are resilient, so let’s do what we can as leaders in the private sector to drive activity that supports our recovery.” Mr Nacola also stated that BSP Life’s investment portfolio increased by $22 million in the last 10 months. While COVID-19 has had some impact, the portfolio’s well diversified nature, built over many years with prudent management, has provided resilience to withstand economic shocks. “We thank our customers for their continued loyalty to BSP Life. Their contributions by way of premiums on their life insurance policies allows us to make these investments, assisting our country grow. They will share in the returns from this and all other investments in our portfolio.
As individuals it is difficult to make large investments of this nature but together, through pooling of funds via life insurance policies, we can do so and make a difference.” Mr Nacola urged more Fijians to take up life insurance to protect their loved ones from unplanned events like COVID-19, as well as have another source of savings to supplement their Fiji National Provident Fund. By having a BSP Life insurance policy, customers become policyholders that share in the company’s secure and fast-growing investment portfolio.