SUNBIZ

$15m Project Marks Investor Confidence: PM On Policies

A $15 million project that was launched at the weekend, serves as a concrete testament to the market confidence of the local business community.
23 May 2022 12:50
$15m Project Marks Investor Confidence: PM On Policies
Sun Insurance chairman, Padam Lala, with Prime Minister Voreqe Bainimarama during the launch of SUN Center 1.Photo: Waisea Nasokia

A $15 million project that was launched at the weekend, serves as a concrete testament to the market confidence of the local business community.

Prime Minister Voreqe Bainimarama made the comment while opening SUN Centre 1, a business hub, located at Legalega, Nadi.

Owned by Sun Insurance, it epitomises the hopes of every Fijian’s confidence in commerce, as construction and development projects return with a din.

 

Mr Bainimarama said the Fijian owned company’s investment in infrastructure was note-worthy.

The complex features basic utilities, backup generator, backup water supply, ample parking, and a great view of the Nadi International Airport and the Sabeto mountains.

 

Investor-Friendly Policies
“I’m proud of what my Government’s investor-friendly policies have helped create for Fiji: more jobs, more opportunity and more development,” he said.

“All local and foreign investors are approved on the premise that they will be supporting Fiji’s inclusive and sustainable development.”

Government legislation now ensured the economic benefits from large-scale investments positively impacted other Fijian micro, small and medium enterprises, he said.

 

The rural and maritime areas were not spared in such endeavours, Mr Bainimarama said.

“No one can be left behind,” he said.

“Our overall vision of transforming Fiji is dependent on the key role that private sector companies like SUN Insurance play, in driving economic development, and ultimately in improving the wellbeing of all Fijians.”

 

Over 15% GDP by 2036
Mr Bainimarama said Fiji’s target was to maintain total investments at 25% of the Gross Domestic Product (GDP).

“We are focused on increasing private sector investments to over 15% of GDP by 2036,” he said.

“We have put in place laws that ensure investors are not the only ones reaping the rewards, by creating and safeguarding the employment opportunities of ordinary Fijians.”

“The company’s catch phrase sums it up best – ‘Vinaka, SUN’.”

 

Legalega Twin Tower – SUN Centre 2
Mr Bainimarama unveiled the SUN Centre 2 twin building project.

It is pegged at around $17 million, and will be developed next door to SUN Centre 1.

Work is expected to commence later this year.

By mid-2024, the construction phase of the Legalega twin towers will have provided employment for a total of 350 Fijians.

 

Sun Insurance To Invest $120 Million By 2030
Sun Insurance Chairman, Padam Lala, said the aim was to invest $120 million in real estate by 2030.

“Today, after 22 years, we are growing from strength to strength and this investment is a testimony of our commitments to Fiji and all Fijians.”

Mr Lala said the developments are constructed on the traditional lands of the Sawai Eke clan of Saunaka.

 

Sun Insurance will embark on another seven-storey state-of-the-art building at Flagstaff, Suva.

The project is valued at an estimated $22 million.

Sun Insurance began some 22 years ago, when it took over the NMBF Insurance (Fiji).

They are the only 100% Fijian-owned insurance company operating in the country.

 

Feedback: waisean@fijisun.com.fj



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