Private-sector led growth is vital to achieve the transformation goals the government seeks, says President Dr. Mohamed Muizzu.

The Maldivian leader said this while delivering his keynote speech at the Invest Maldives Forum 2024, held at Burj Al Arab in Dubai, United Arab Emirates (UAE) on Tuesday.

Muizzu attended the Invest Maldives Forum 2024 as part of his ongoing official trip to the middle-eastern nation upon the official invitation of Vice-President, Prime Minister and Minister for Defence of UAE, Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum.

His visit is to attend the World Governments Summit 2024, which was convened from February 12 – 14 at Madinat Jumeirah in Dubai.

Taking the podium at the event, President Muizzu noted that private-sector-led growth is essential to achieving the transformation goals the government seeks.

Announcing his administration’s commitment to provide a safe, secure and efficient space to conduct business in the Maldives, Muizzu added that the development vision of his administration is one of engagement, partnership building and focused delivery.

Shedding light on the reactivation of the Special Economic Zones framework, which provides attractive incentives for strategic investments, Muizzu went on to detail that a new foreign investment law is in the works, with necessities guaranteeing investment security and paving the path for the execution of investment treaties.

In addition to this, Muizzu asserted that his administration recognizes the need for engagement in public-private partnerships to achieve development objectives.

The president went on to touch upon efforts by the Maldivian government to create an enabling and conducive environment to facilitate private sector investments, update procurement processes to boost efficiency and transparency as well as provide assurance for investors of the safety and security of investment.

Muizzu stressed that as an emerging economy and a small island developing state, the Maldives faces many challenges including the tight liquidity in global markets and fiscal challenges surfacing from the government's ambition to boost growth through substantial investments in key infrastructure.

Stressing that the government is aware of these challenges, Muizzu assured that the government is prepared to tackle them head-on and turn them around, into favorable conditions.

In his keynote address, the president also shed light on some plans for diversifying the economy to making it more sustainable and resilient to future shocks.

Expressing gratitude for the strong presence of UAE investors, Muizzu credited the UAE for its long history of partnership with the Maldives.

The president expressed keen interest of the Maldivian government to learn from the experiences UAE has to offer.

Further, Muizzu highlighted that the UAE has become the top trading partner of Maldives, with a total trade volume closing at half a billion dollars as of 2023, accounting for 12 percent of total imports.

Shedding light on the major infrastructure development projects initiated by the Administration, such as the Ras Malé project, the president stated that these are ambitious and expansive initiatives.

Muizzu noted that these projects cannot be completed solely by the government and highlighted the important role of bilateral, multilateral and private-sector partnerships in these efforts.

Further speaking, the president recognized the urgency of the economic challenges surfacing for the entire globe currently and added that the world can overcome these challenges and emerge stronger and more resilient, by joining hands and working together.

The Invest Maldives Forum 2024 was attended by several investors from the Maldives and the UAE.

The Invest Maldives 2024 Dubai forum carried the purpose of bringing investors and business leaders from around the globe together on one platform.

The platform served to showcase the unique investment opportunities in the small archipelago nation.

It was organized by Invest Maldives and the Ministry of Economic Development and Trade.

The forum featured a video presentation to showcase strategic investment areas.

The president was accompanied by a ministerial delegation at the event.

This is the second Invest Maldives Forum organized by this administration this year. The first one was held in China back in January.