Muizzu Highlights Importance of Private Sector in National Development Strategy

President Dr Mohamed Muizzu has stated that private sector-led growth is essential to achieving the transformation goals the Government aspires for. 

He made the remarks while delivering his keynote address today at Invest Maldives 2024 Dubai, held at Burj Al Arab, Dubai, UAE.

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Muizzu announced his Administration’s commitment to providing a safe, secure, and efficient space to conduct business in the Maldives, adding that the Administration’s development philosophy is one of engagement, partnership building, and focused delivery. 

He noted the reactivation of the Special Economic Zones framework, which provides attractive incentives for strategic investments. Muizzu further detailed that a new Foreign Investment Law is in the pipeline, with provisions guaranteeing investment security and paving the way for the execution of investment treaties.

Speaking further, Muizzu stated that the Government recognises the need for engagement in public-private partnerships to achieve our development objectives. He noted the Government’s efforts to create an enabling and conducive environment to facilitate private sector investments, streamline procurement processes to improve efficiency and transparency, and provide assurance for investors of the safety and security of investment.

Muizzu underscored that, as an emerging economy and a small island developing state, the Maldives faces a multitude of challenges. These include the tight liquidity in global markets and fiscal challenges stemming from the Government’s ambition to accelerate growth through substantial investments in key infrastructure. 

He added that the Government is cognisant of these challenges and well-positioned to tackle them head-on and turn them around in conditions favourable to us. He also highlighted some plans for diversifying the economy to make it more sustainable and resilient to future shocks.

Muizzu elaborated on the major infrastructure development projects initiated by the Administration, such as the Ras Malé project, emphasising their ambitious and expansive nature. He underscored that these projects cannot be accomplished solely by the Government, highlighting the indispensable role of bilateral, multilateral, and private-sector partnerships in these endeavours.

Before concluding his remarks, Muizzu recognised the urgency of the economic challenges that the world is facing today, adding that by working together, we can overcome these challenges and emerge stronger and more resilient.