Sunday
24th Nov 2024
Dhivehi Edition
President Dr. Muizzu speaks at the Invest Maldives Forum in Dubai. | Photo: President's Office
President Dr. Mohamed Muizzu has said that, despite the financial and economic challenges facing Maldives, his aim is to use the assets available to Maldives to provide a decent life for the people of the country.
Speaking at the Investment Forum at the Burj Al Arab in Dubai today, the President said Maldives faces many challenges as a developing economy, especially as a small island country. The President said the difficulties in obtaining funds from the international market and the huge expenditure required by the government to expand the economy by investing in infrastructure development are obstacles that must be overcome.
The President added that the government is well aware of the difficulties, but they are ready to overcome the challenges and change the situation for the better.
The President said the economic outlook for this year is positive and the number of tourists visiting Maldives increased by 11 percent in January this year compared to the same month last year.
He added that the International Monetary Fund's latest report forecasts Maldives’ economy to grow by 5.5 percent this year. The President also welcomed the IMF’s suggestions for reform measures, such as reviewing the methods of granting subsidies, implementing government development projects in a prioritized order and reforming the management of state-owned enterprises.
In addition, the government is working to transform the economy into a sustainable and vibrant economy to reduce the impact of future shocks, he said.
The President said his manifesto includes policies to further diversify the country’s main industry, tourism, and specific policies to diversify the entire economy outside tourism.
The President said the government has decided to invest in several key sectors to diversify the economy, including food security, making Maldives a financial hub, trade and logistics. These are investments to make the most of Maldives’ strategic area, he said.
The President briefed the participants on the key economic projects planned by his government and various initiatives in the social sector.
The forum is the second investment forum to be held this year. The first investment forum was held during the President's official visit to China.