Vice President Latheef Calls for Enhanced Private Sector Involvement in SIDS Development at Commonwealth Business Forum

Vice President His Excellency Uz Hussain Mohamed Latheef has underscored the critical need for increased private sector engagement in development initiatives aimed at Small Island Developing States (SIDS). Speaking at the Island Leaders Round Table during the Commonwealth Business Forum, held ahead of the 2024 Commonwealth Heads of Government Meeting (CHOGM), the Vice President outlined strategies to ensure long-term resilience and prosperity for SIDS.

In his remarks, Vice President Latheef advocated for the creation of a conducive environment to attract private sector investment, emphasizing the importance of sustainable collaborations and strengthened business-to-business interactions. He stressed that SIDS must actively engage the private sector to support development goals and economic growth.

Highlighting the Maldives’ rich natural beauty and unique ecosystems, Vice President Latheef acknowledged the challenges posed by climate change and limited access to financing. However, he affirmed that the Maldives, alongside other SIDS, is committed to shaping its own future and overcoming these obstacles.

The Vice President also presented President His Excellency Dr Mohamed Muizzu’s vision for a resilient and developed Maldives by 2040. He outlined plans to diversify the nation’s economy by expanding into sectors such as information and communication technology (ICT), finance, and renewable energy, to reduce reliance on traditional industries.

Calling on the Commonwealth business community to partner with the Maldives, Vice President Latheef invited private sector stakeholders to collaborate in the nation’s transformative efforts towards sustainable and shared prosperity.