SUNBIZ

Vanuatu Fund Invests $9m At Unit Trust Of Fiji

“The reason we chose Unit Trust is because Fiji’s economy is growing very fast and we now have our aspirations and involvement with Fiji,” he said.
21 Sep 2022 17:15
Vanuatu Fund Invests $9m At Unit Trust Of Fiji
Unit Trust of Fiji regional general manager and company secretary Sakiusa Bolaira, UTOF chief executive officer Vishal Chand, Acting Prime Minister and Minister for Economy Aiyaz Sayed-Khaiyum, Vanuatu National Provident Fund general manager Parmod Achary, VNPF board of directors Malcom Saman, Jack Maite and John Hosea William during the presentation of the cheque at Ro Lalabalavu House on September 20,2022. Photo: Laisa Lui

Vanuatu National Provident Fund yesterday invested another $9 million at the Unit Trust of Fiji. Their total investment at the Trust now stands at $14m making it one of the largest single investors in the region.

This partnership dates back to 2018 when VNPF invested its first $5 million. VNPF general manager Parmod Achary said it was the best investment in their whole investment portfolio, however, because of the restriction for foreign investment they could not increase their investment.

“The reason we chose Unit Trust is because Fiji’s economy is growing very fast and we now have our aspirations and involvement with Fiji,” he said.

 

“We thought this would be the first and best place to invest as we have confidence in the growth of the economy.”

Mr Archary said the investment marked their highest investment in Fiji, about 600 million Vatu (FJD$14 million). He said they wanted to reach a maximum investment of one billion dollar in two years’ time.

Unit Trust of Fiji chief executive officer, Vilash Chand said, VNPF had preferred Unit Trust of Fiji as the offshore portfolio because they believed that the Fijian economy has been growing and shaping well.

 

He added that they (VNPF) were well regulated by the Reserve Bank of Fiji which gave them assurance that their investments in Fiji would be well managed.

“Our portfolio has been providing a very competitive return to all our investors,” Mr Chand said.

“Another important element was the support of the Fijian Government in terms of extending the tax free return status to all international partners.”

 

“VNPF has always intended to go offshore and we were there as a choice for them, and based on their assessment they decided to choose Unit Trust of Fiji as their offshore in-vestment vehicle.

“Collectively now, between Samoa and Vanuatu, the foreign direct investment into our portfolio exceeds $30 million collectively.”

Meanwhile, Acting Prime Minister and Minister for Economy Aiyaz Sayed-Khaiyum on behalf of the Unit Trust of Fiji received the $9 million cheque yesterday.

He reiterated Government’s objective was to ensure an enabling environment for investors.

 

“We have liberalized the economy for a long period of time, the stability, the security, long term strategic thinking, as far as the economy is concerned,” Mr Sayed-Khaiyum said.

“We made lots of investments in infrastructure, in the digitalisation that made it easier for doing business, and a number of private sector incentives that have been provided.”

“A lot more people have engaged with the economy, the GDP doubled within the span of six years prior to COVID.”

He said the Government was happy and the growing economy would give foreign investors more confidence to invest.

 

Feedback: laisa.kabulevu@fijisun.com.fj



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