Vice President Faisal Naseem has stated that the collaboration of the public and private sectors was crucial to overcoming the economic downturn caused by the Covid-19 pandemic.

He made the remarks while speaking at the "Gold 100 Gala" event at Crossroads Maldives, on Tuesday.

Speaking at the event, the Vice President acknowledged the private sector’s support in executing the administration’s economic measures towards managing the pandemic. He emphasized that a nation can only thrive based on its economic structure.

VP Naseem went on to commend the private sector for helping manage the economic situation and noted that the Maldives’ tourism is entirely dependent on the private sector.

Additionally, the Vice President noted the need for economic diversification and stated that numerous challenges lie ahead in this endeavor. He stated that the administration aims to promote entrepreneurship and support businesses.

The Vice President also recognized the private sector’s financial contributions to the administration during the Covid-19 pandemic.

The function saw the Vice President officially launching the Gold 100 magazine. He also presented the Lifetime Achievement Award to Mohamed Solih, the Chairman of Damas Company.

Every year, Corporate Maldives publishes the "Gold 100," a ranking of the top 100 corporate organizations in the Maldives. The companies that made the list were honored at the function.

The "Gold 100 Gala" is an invitation-only networking event that brings top executives from the business sector together and supports individuals looking for new business initiatives.