President H.E. 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.
The President 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. The President 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, President Dr 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.
The President 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.
During his speech, the President expressed gratitude for the strong presence of UAE investors and credited the UAE for its long history of partnership with the Maldives. He further noted the Government’s keen interest in learning from the experiences of the UAE. He added that the UAE is the Maldives’ top trading partner, with a total trade volume between the countries closing at half a billion dollars as of 2023, accounting for 12% of total imports.
President Dr 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, the President 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.
Numerous investors from the Maldives and the UAE attended Invest Maldives 2024, organised by Invest Maldives, Ministry of Economic Development and Trade. A ministerial delegation accompanied the President to the event.
This is the second Invest Maldives Forum organised by this Administration this year. The first one was held in China in January this year, in which the President also delivered a Keynote Address.
The President is currently undertaking an official visit to the United Arab Emirates at the invitation of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Minister for Defence of the United Arab Emirates, Ruler of Dubai, to attend the World Governments Summit 2024.
