President H.E. Dr Mohamed Muizzu urged Governments to forge stronger partnerships with private entities, and foster an environment conducive to increased private-sector investment. He made these remarks at the Maldives Side Event, "The Pivotal Role of Private Sector Financing for Climate Resilience in SIDS," organised by the Ministry of Climate Change, Environment and Energy, at the Fourth International Conference on Small Island Developing States (SIDS4).
The President articulated that economic diversification called for a fundamental re-evaluation of business practices. He stated that Governments must forge stronger partnerships with private entities, fostering an environment conducive to increased private-sector investment. He highlighted the private sector's indispensable expertise, innovation, and capacity in the collective efforts for development.
President Dr Muizzu stated that the Maldives is shifting towards economic diversification. He further added that investments in infrastructure such as airports, healthcare facilities, communication, real estate, and transshipment ports are pivotal in this endeavour, emphasising that these investments catalyse economic growth and advance human development.
The President cited the development of 'Ras Malé' with state-of-the-art sustainable and climate-resilient features. He noted that Ras Malé aims to address the housing crisis, open doors to economic prosperity, and represent the Maldives' commitment to sustainable urban living and inclusive development.
President Dr Muizzu additionally disclosed that to reduce reliance on food imports and enhance food security, the Maldives is actively pursuing avenues to introduce cutting-edge technology to bolster food production and is committed to establishing an agricultural industrial park.
Concluding the statement, the President urged the international community to join the development journey, offering accessible and adaptable solutions that recognise the distinct challenges and meet our pressing development needs.
