President Dr. Mohamed Muizzu has urged governments to forge stronger partnerships with private entities and foster an environment conducive to increased private-sector investment.

The Maldivian leader said this while delivering remarks at the "The Pivotal Role of Private Sector Financing for Climate Resilience in SIDS”, a side event organized by the Maldives’ Ministry of Climate Change, Environment and Energy, at the fourth International Conference on Small Island Developing States (SIDS).

Noting that economic diversification calls for a fundamental re-evaluation of business practices, President Muizzu stated that governments must forge stronger partnerships with private entities, which in turn promotes an environment conducive to increased private-sector investment.

Shedding light on the indispensable expertise, innovation, and capacity of the private sector in the collective efforts for development, President Muizzu noted that the Maldives is shifting towards economic diversification.

Further, he noted that investments in infrastructure such as airports, healthcare facilities, communication, real estate, and transshipment ports are pivotal in this effort.

President Muizzu highlighted that these investments catalyze economic growth and advance human development.

Touching upon the development of 'Ras Malé', with state-of-the-art sustainable and climate-resilient features, President Muizzu stated that Ras Malé aims to address the housing crisis, open doors to economic prosperity, and represent the Maldives' commitment to sustainable urban living and inclusive development.

Revealing that Maldives is actively pursuing avenues to introduce cutting-edge technology to bolster food production, to reduce reliance on food imports and enhance food security, the Maldivian leader stated that the Maldivian government is committed to establish an agricultural industrial park.

Before concluding his statement, President Muizzu urged the international community to join the development journey, offering accessible and adaptable solutions that recognize the distinct challenges and meet the most pressing development needs.