[Photo: File]

BSP Life Managing Director Michael Nacola says Pacific institutions need to work together and pool their capital to unlock major investment opportunities in the region.

Speaking at the Pacific Islands Investment Forum, Nacola says the success of the Sofitel Fiji Resort and Spa shows what can be achieved when major Fijian companies collaborate.

He says the resort was established in 2005 through a partnership between Air Pacific, now Fiji Airways, and Colonial, now BSP Life.

Nacola says the investment helped drive further development on Denarau.

Nacola says BSP Life and Fiji Airways later took a further risk by investing close to 45 million dollars in a major refurbishment during the uncertainty surrounding the COVID-19 pandemic.

“And we took a risky decision to continue that work. We did, despite some other corporates kind of holding back, because of the concerns that it would be a long-tail pandemic and a lot of uncertainty might lead to money being put to waste. Well, for this particular asset, on the eve of us completing the renovations, the board is open”

He says the decision allowed the resort to reopen with a renewed product and supported Fiji’s tourism recovery.

Nacola says the experience demonstrates that Pacific institutions have the skills and capital to deliver major projects themselves.

He says institutions must share both financial and intellectual capital, while also sharing the risks and returns.

He says the time is right for Pacific institutions to collaborate, mobilise capital and take investment to the next level.

“Through collaboration, you know, what we’ve experienced over the last 20 odd years, the sharing of risk and sharing of reward goes on the back of like-minded people partnering. And so we believe that the time is right, you know, for us to kind of go next level”

Nacola says the Sofitel development shows what can be achieved through Fijian vision and execution, supported by offshore expertise, and could serve as a model for creating more investment opportunities across the Pacific.