Honourable Ministers, Mr. Zakir Mahmood, President of Habib Bank, Distinguished Guests, Ladies and Gentlemen:
Let me first of all thank Mr. Zakir Mahmood and the management and staff of Habib Bank for presenting me with a replica of Habib Bank. That beautiful replica will serve as a lasting memento of the important event that we are celebrating tonight.
My wife and I are indeed delighted to be here this evening to join you as you mark the happy occasion of the 25th anniversary of the opening of the Male’ Branch of Habib Bank. I would like to congratulate the President of Habib Bank and the Manager and staff of the Male’ Branch on completing that important milestone.
Habib Bank was the second commercial bank to begin operations in Male’. Over the years, the bank has collaborated with our public enterprises as well as with the private sector.
By the way, I am happy to note that, in doing so, the Male’ unit has in recent years, become, one of the most successful branches of Habib Bank’s worldwide network. I congratulate the present and past management and staff of the Male’ branch on this achievement.
I must also make particular mention of the contribution made by the bank to the dynamic growth of the foreign trade sector of the Maldives. I understand that more than three-quarters of the bank’s lending has been in the area of trade. This reflects a strong relationship with our businessmen. In a country like the Maldives, which has to import most of its needs from overseas, foreign trade is of great significance.
When I met Mr. Mahmood earlier today, I expressed my hope that Habib Bank make a greater contribution in the development of our tourism sector. I do appreciate, in this regard, the statement that he has just made that the bank intends to give more active support to our tourist industry in the time to come.
I am happy to learn that tonight Habib Bank will be making some donations to the Centre for the Holy Quran and to the Tree-Planting Programme of Hulhumale’. I thank Habib Bank for this very kind gesture.
The economic gains that we have enjoyed in the past two decades have been used to modernise and develop the country. We are happy to have reached the top position in South Asia in the UNDP’s ranking of states according to their level of human development.
However, we realise that, as a small country with limited resources, our economy remains very sensitive to events beyond our control. Peace and stability at home, and a favourable international climate, have supported the efforts of the government and the people to achieve progress and development. Likewise, the stability of the financial sector has been an important asset.
Now we are focused on the road ahead, on attaining newer heights of national development. This will require developing our human resources and diversifying the economy. Here again I wish to thank Mr Zakir Mahmood for the very kind offer of providing training opportunities for our young men and women. Export promotion will pave the way to greater integration into the world economy.
These strategies form part of the Maldives Vision 2020. Growth, equity and environmental sustainability are central to that vision.
As we pursue those goals, banking and finance will have an important role to play. Indeed, in an age of globalisation and donor fatigue, a modern financial sector will be essential to “oil the wheels”, of our developing economy.
Foreign investment and modern financial services are crucial to sustaining national economic progress. The policy of the Government is to foster the development of the banking and finance sector. In realising that goal, the commercial banks in the country have a significant part to play, by making the necessary investments in all areas of our development.
Distinguished Guests, Ladies and Gentlemen:
Habib Bank and the Maldives have enjoyed a mutually beneficial partnership for the past 25 years. We have every reason to look forward to even better days in our association in the years ahead.
Thank you.