Salutation
- The Chairman of BSP Life, Mr. Robin Fleming,
- Honourable Ministers and Members of Parliament,
- Government Officials,
- [Members of the Diplomatic Corp,]
- Senior Management and Staff of BSP Life and BSP Bank,
- Distinguished Guests,
- Ladies and gentlemen.
Ni Sa Bula Vina’a and a very good evening to you all.
Let me first begin by acknowledging the Traditional Owners of the land on which we stand today, ki Nadonumai vua na Gone Turaga na Tui Suva and I pay my respects to their Chiefs, past and present, as well as emerging leaders and I acknowledge their enduring role within the Vanua, we remain grateful for their custodianship, which allows us to convene for this important occasion and celebrate this important national milestone.
Introduction
- It is indeed an honour and a privilege to be present here this evening as we celebrate a remarkable milestone of 150 years of leadership, trust and service within the banking industry.
- With historic roots dating back to the 1800s, the Bank of the South Pacific (BSP) began its journey under the Colonial Mutual Life Assurance (CMLA) brand, prior to its evolution into the trusted financial institution we know today.
- This milestone, ladies and gentlemen, is a reflection of the vision, resilience and commitment of the Bank’s leadership, the dedication of its staff over generations, and the loyalty of its customers who have become an integral part of the Bank’s journey.
BSP Life
- Our resilience as an economy is demonstrated through the collaboration, shared vision and strength of key sectors and institutions that collectively drive national growth and secure a prosperous future for all our people.
- It is through vital institutions like BSP Life, that our economy can withstand unprecedented financial shocks and emerge stronger, more resilient and more confident in the face of uncertainty.
- Their leadership in supporting long-term financial planning and driving significant investments reflects a deep responsibility to policyholders and customers of the BSP family, reinforcing a legacy of trust, stability and an unwavering commitment to the communities they serve.
- Under the Yavu Collective, BSP Life in partnership with Fiji Airways will introduce three new hotels over the next six months to complement their Sofitel asset on Denarau Island.
- These projects reflect BSP Life’s foresight in driving strategic investments that strengthen our national infrastructure and diversify returns for its policyholders.
- I understand that other partnerships with the Dubai-based Kerzner International[1] are also in the pipeline for the development of an iconic, ultra-luxury property on Nacula Island in the Yasawas’ by 2029.
National Contribution
- These developments will collectively elevate Fiji’s position as a regional hub in the Pacific, further strengthening our tourism outlook on international platforms.
- With tourism arrivals currently situated at 98,000 visitors per month during peak periods, these major investments by BSP Life ensure that we have the world-class accommodation to meet growing demand and drive long-term economic growth.
- Beyond the numbers, these investments directly translate into employment opportunities, capacity-building for local communities and sustainable economic returns for resource owners. They ensure that tangible benefits are meaningfully shared across communities, villages and families throughout Fiji, creating a living legacy of opportunity for future generations.
Economic Growth and Financial Inclusion
- As Fiji pursues the aspirations set out in the National Development Plan and honours its commitments under the United Nations Sustainable Development Goals, our vision is both ambitious and achievable, that is, to sustain economic growth of 6 percent per annum and attain high-income country status by 2050.
- The achievement of these national objectives will require more than sound policy and effective governance. It will require enduring partnerships with institutions that share our commitment to long-term prosperity, social progress and economic transformation. Organisations such as BSP Life have a vital role to play in supporting Fiji’s development journey and ensuring that growth delivers tangible benefits for all our people.
- BSP Life’s longstanding commitment to promoting financial security and long-term financial planning contributes directly to our national objective of building a more inclusive, resilient and financially empowered society.
- By encouraging households to save, invest and plan for the future, the institution supports greater economic resilience at both the family and national levels. Such efforts are fundamental to widening financial inclusion, strengthening social protection and fostering sustainable economic growth.
- Non-communicable diseases continue to impose significant social and economic costs on our nation, affecting families, communities and workforce productivity.
- Through its advocacy and investment in wellness initiatives, BSP Life complements national efforts to improve health outcomes and promote healthier lifestyles. In doing so, it contributes to the broader objective of enhancing the wellbeing and productivity of our people, which remains central to Fiji’s long-term development agenda.
- BSP Life also occupies a position of considerable importance within Fiji’s financial landscape. As the nation’s second-largest institutional investor, after the Fiji National Provident Fund, the organisation plays a critical role in mobilising domestic savings and directing capital towards productive investments.
- These investments support enterprise development, infrastructure, employment creation and broader economic activity, all of which are essential if Fiji is to achieve the sustained growth rates required to realise its ambition of becoming a high-income economy by 2050.
- I recall with great pride the occasion on which I had the honour of serving as Chief Guest to commemorate BSP Life’s investment portfolio reaching the landmark figure of one billion dollars. Today, as that portfolio advances steadily towards the two billion dollar mark, it serves as a powerful testament to the institution’s prudent stewardship, strategic foresight and the enduring confidence that generations of Fijians have placed in it.
- As we look towards the future, the Government remains committed to working closely with responsible institutions such as BSP Life in advancing the priorities of the National Development Plan, expanding financial inclusion, strengthening economic resilience, promoting healthier communities and increasing investment in the sectors that will drive sustainable growth.
- Together, through a shared commitment to national development and sustainable progress, we can create a future in which economic growth is not only stronger, but also more inclusive. A future in which prosperity is more widely shared.
Vuvale Partnership
- The recent signing of the Vuvale Union marks a transformative chapter in our nation’s history, by building a stronger foundation for economic resilience, regional stability and shared prosperity across the Pacific.
- These frameworks create an enabling environment for robust economic ecosystems where banking, insurance and long-term investments can thrive, reinforcing our financial resilience and strengthening our nation as a hub of opportunity across the Pacific.
- As Fiji continues to champion the Ocean of Peace principle, we are reminded that true peace is built not only through diplomacy and cooperation amongst nations, but also through the strength, resilience and wellbeing of our communities. Economic inclusion, financial security and social cohesion are essential pillars of a peaceful, stable and prosperous nation.
- Through its contribution to household resilience, long-term investment and community wellbeing, BSP Life exemplifies how responsible institutions can help translate these regional aspirations into tangible outcomes.
- In doing so, it supports a future in which the peoples of Fiji and the wider Blue Pacific can pursue development, security and prosperity in a manner that is inclusive, sustainable and beneficial to both present and future generations.
Ensuring a Prosperous Future
- As we pursue the objectives of the National Development Plan, institutions such as BSP Life will remain indispensable partners in our nation’s progress. Through the prudent stewardship of capital and continued investment in productive sectors, BSP Life is not only honouring its commitment to its customers, but also supporting employment, stimulating economic activity, and strengthening Fiji’s standing as an attractive destination for investment.
- Guided by our shared vision under Fiji’s development priorities, I encourage BSP Life to continue investing with confidence and purpose, helping to build a more prosperous, resilient and inclusive future for all Fijians.
Conclusion
- Ladies and gentlemen, tonight’s celebration is a testament to the enduring legacy, institutional strength and unwavering commitment of BSP – marking 150 years of driving national progress, empowering communities and securing a prosperous financial future for generations of Fijians.
- I take this opportunity to commend the Senior Management and staff of BSP Life and BSP Group, for their visionary leadership, dedication and selfless service in upholding a standard of excellence that has significantly transformed our financial industry.
- Let us continue to work together in the spirit of solesolevaki to ensure our economic growth remains inclusive, resilient and deeply rooted in delivering lasting prosperity for all our communities and the generations to come.
- Vinaka Vakalevu, May God bless you all and may God bless Fiji.
[END]
