Excellencies,
Participants of the SIDS Global Business Network,
Ladies and Gentlemen.
I thank the Secretary General of the United Nations, and the Under Secretary General and High Representative Ms. Rabab Fatima for the invitation to address this Forum.
I am confident that the Forum has provided valuable insights from all the representatives here today – from the private sector, civil society, international financial institutions, and multilateral and regional development banks. All of you are friends of SIDS.
I ask the governments of SIDS to support the business community. The entrepreneurs. The investors. Both local and foreign.
The private sector has the most important role to play in any economy. From innovation to technology. From community empowerment to market trends. And this role, I believe, is even more critical in SIDS.
Enabling public-private partnerships. Fostering trust. Keeping the economic engine running. At the same time, putting into place ambitious development agendas. This requires careful manoeuvring.
I draw hope and optimism from Forums like this. Let me make three calls to action.
First, promote investments in micro, small, and medium enterprises and young entrepreneurs.
In today's rapidly evolving and unpredictable global environment, the private sector in SIDS is in need of support more than ever.
It is the responsibility of Governments to ensure ease of doing business. Facilitate their capacity building. And open new avenues for financing.
Governments must facilitate easier cross-border trade. Open up new markets for MSMEs. This is how we invest in them. And contribute to their growth.
Governments must also protect their intellectual property rights. Businesses and entrepreneurs embrace innovation. And invest in sustainable practices to remain competitive.
We must commit to ensuring a regulatory environment that encourages investment, fosters innovation and entrepreneurship, and promotes sustainable development.
We must make our policies and regulations less cumbersome and more robust.
Second, prioritize inclusivity and empowerment of our local communities.
Local enterprises are the bedrock of our small societies. They cater to the needs of societies in ways governments simply cannot. Therefore, empowering businesses is empowering our ability to govern.
By prioritizing inclusivity and empowering our local communities, we boost connectivity between businesses and governments.
This connection can leverage the strengths of both sectors to achieve common goals, from infrastructure development to disaster risk reduction.
This is especially important in SIDS where islands are dispersed over considerable distances geographically.
The Maldives has made significant strides in empowering our local communities. My Government intends to launch a 6.5 million dollar loan facility for women entrepreneurs, with 25% of this fund allocated for women with disabilities. We believe that investing in women’s economic empowerment will ultimately lead to our sustainable development.
Third, provide platforms to forge partnerships and share experiences.
Climate change, economic vulnerability, and limited resources are issues that demand swift and decisive action.
The biggest challenge SIDS face is the limited, and in some cases restricted, access to affordable financing for development. Combined with this, our small markets, limited creditworthiness, and vulnerability to debt distress, hinder our abilities to invest.
As a result, it is difficult to balance economic development and sustainability.
This is where the private sector must step in.
We must foster continuing dialogue between businesses and government agencies, creating platforms for engagement to facilitate knowledge sharing and partnership development.
Finance should not be a barrier but a bridge to prosperity for all. I therefore call upon the banks, multilateral institutions, and other financial entities, to open their doors with responsibility and with foresight. Prioritize actions that make finance more accessible, affordable, and tailored to the needs of the private sector.
We must do more to ensure partnerships are created with the private sector and the civil society.
The Antigua and Barbuda Agenda for SIDS can be achieved only when, we the governments of SIDS, partner with the private sector. Put them on the driver’s seat in our efforts in realising resilient and inclusive prosperity for all.
I thank you.