BSP Life has launched its $7 million Voivoi Development Project with a groundbreaking ceremony in Nadi that will see about 150 Fijians employed over the project duration.
BSP Life Managing Director, Michael Nacola says given the significant impact COVID-19 has had on tourism, this investment could help boost economic activity for the Nadi region.
He says the project adds to their already strong and diversified $787 million investment portfolio.
[BSP Life Managing Director, Mr. Michael Nacola and RBF Governor, Mr. Ariff Ali at the BSP Life Voivoi Development ground breaking ceremony in Nadi.]
Nacola has highlighted that new projects mean new jobs, incomes generated, increased spending, and positive flow-on effects that can accelerate the country’s economic recovery and adds this is a great time to invest given the ready supply of labour and reduced cost of materials.
He says BSP Life has great confidence in the country’s ability to recover from setbacks and the country is resilient and the people are resilient and as leaders in the private sector they must do what they can to drive activity that supports recovery.
Nacola hopes the development will encourage local and foreign investors to move planned projects from shovel ready status to shovel moving status and has also made a call to decision makers to support local investment.
The development will have a mix of warehouses and office spaces and local suppliers have been engaged in the development.
[BSP Life Managing Director, Mr. Michael Nacola and RBF Governor, Mr. Ariff Ali at the BSP Life Voivoi Development ground breaking ceremony in Nadi. ]
Meanwhile, Nacola has also highlighted that BSP Life’s investment portfolio has 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.
He adds that as individuals, it is difficult to make large investments of this nature but together, through pooling of funds via life insurance policies, they can do so and make a difference.
Nacola is urging more Fijians to take up life insurance to protect their loved ones from unplanned events like COVID-19 and have another source of savings to supplement their Fiji National Provident Fund.
[BSP Life Executives and Board of Directors with RBF Governor]
