His Excellency Narendra Modi, Prime Minister of the Republic of India;
His Excellency Rajiv Ranjan Singh, Minister for Fisheries, Animal Husbandary and Dairying and Panchayati Raj,
Ministers,
Representative of FICCI, CII and ASSOCHAM
Distinguished business delegates,
Ladies and gentlemen,
Assalaam Alaikum, and a very good afternoon.
It is my pleasure to be here in New Delhi and be part of this business forum.
For several decades, India has supported the Maldives in its economic growth by extending aid and partnering on various projects in infrastructure, healthcare, telecommunications, education, and human capital development. Together, we have witnessed progress in business and commercial linkages between our nations.
Today, ocean economies are particularly at crossroads. With this in mind, we have commenced development of the first eco-city, Ras-Malé, a flagship project aiming to transform the Maldives metropolis and act as a driver of urbanization.
I believe that private investments will continue to play a vital role in elevating our economies. The active participation of the private sector is essential for accelerating economic growth, fostering innovation, enhancing resilience, and promoting sustainable development. It is imperative that we facilitate and encourage such investments to improve the livelihoods of our people.
I assumed office with a bold developmental agenda aimed at transforming the Maldivian economy.
This includes already strengthening the existing base of tourism, and further diversifying into key areas such as financial services, maritime and digital economy.
A cornerstone initiative of my administration is the realisation of a more resilient Maldives by strategically investing across multiple sectors. I stand here today extending a warm invitation to each of you to explore and engage with us in unlocking the immense potential of our economy.
Distinguished delegates,
Allow me to highlight the diverse and enriching tourism offerings of the Maldives. The depth of our tourism products enables us to cater to the growing and varied needs of our visitors.
We deeply value our guests from India, and we are committed to enhancing our services to meet their preferences and expectations. We look forward to welcoming more visitors from India and strengthening the bonds between our people.
This year, we have enhanced our legal framework by unveiling a new Foreign Investment Law that provides clarity, certainty, and protection to investors. While we acknowledge that the tourism sector will remain the highest contributor to the Maldives’ GDP, we also believe it is essential to upgrade our industries to ensure the extension of wealth across multiple generations.
When I took office in November last year, we embarked on a significant endeavor to reform our financial sector, by broadening the Maldives capital market. As the global financial landscape continues to evolve at pace, shaped by the forces of globalization and rapid technological advancement, we remain confident that the reforms we have proposed will foster a more robust and resilient financial system.
A key initiative of my administration is the creation of the Maldives International Financial Centre, which is scheduled for launch in the first quarter of 2025.
The proposed financial centre aims to create a competitive and business-friendly environment that encourages financial institutions to establish operations in the Maldives, strengthening the country’s financial services sector.
This year, we mark a significant milestone in the nation’s financial landscape. The establishment first Development Bank of Maldives will become operational during this quarter. This initiative paves way for the private sector of both countries to partner and create a resilient financial system.
While we are on the subject of financial sector development, I would like to extend our gratitude to the State Bank of India for their continued support and the vital role they continue to play in financial integration of our economies.
Distinguished guests,
The Maldives stands ready to embrace the next chapter of the digital revolution. We are pleased to have India, a global leader in technology and innovation, as a key partner in this journey.
I wish to reiterate my message at the UN weeks ago, regarding our goal to boost productivity through institutional reforms, enhance digital connectivity, improve ICT infrastructure and digital literacy, and increase the digital economy's contribution to 15% of our GDP by 2030.
To achieve these goals, we seek to modernize our economy through innovative payment solutions. The implementation of wallet-based payment options and digital financial services will increase financial inclusion among our citizens. We look to India's expertise to help us create a robust and secure digital payment ecosystem, particularly through the Unified Payment Interface.
I'm pleased to announce that earlier today, alongside His Excellency Prime Minister Modi, we witnessed the introduction of the RuPay card service in the Maldives. By streamlining cross-border transactions, we pave the way for our businesses to access global financial platforms and e-commerce opportunities, realizing our vision of a globally connected Maldives.
When I took office, I pledged to establish a creative economy to support the youth and upcoming start-ups and small businesses. Last month, we launched the Maldives Creative Economic Strategy, focusing on SMEs, digitalization and technology-driven industries. Our initiatives aim to foster innovation and creativity, driving sustainable economic growth and creating employment.
Distinguished guests,
As we reflect on our nation’s journey towards sustainable development, transitioning to a low carbon, and climate resilient economy is a key priority of my government.
To this effect, we have pledged to meet 33% of our energy requirements through renewable sources by 2028.
As an island nation, we continue to invest in primary sectors that has traditionally supported the livelihood of many Maldivian families. Fisheries and agriculture remain as crucial areas that contribute to our food security. With this aim we formed the Maldives Industrial Development Free Zone Company to drive these initiatives.
Let me assure you that the government's clear vision and steadfast implementation demonstrate a strong commitment to addressing the economic challenges and building a resilient economy. Through diversification efforts in tourism and finance, the Maldives is well-positioned to overcome current vulnerabilities. These proactive measures not only address immediate concerns but also lay a solid foundation for sustainable economic growth and improved well-being for all Maldivians.
Over the years, Maldives and India have cultivated an enduring partnership, establishing a solid foundation for the promising next phase of our relationship.
We are confident that ongoing bilateral engagements, will open new avenues for collaboration that will benefit our two nations.
In an increasingly complex world, our partnership serves as a beacon, for shared growth and development, to harness technology and innovation, and to deepen mutual understanding and appreciation of our diverse cultures.
Let us work together towards a brighter future for all.
Thank you!