President-elect Dr. Mohamed Muizzu has announced his decision to form a special ministry to develop the construction industry.
During a function held by the Maldives National Association of Construction Industry (MNACI), President-elect Muizzu noted construction is the second-largest industry in the Maldives. He, however, noted that the construction industry is not growing at an adequate pace because of policies pursued by previous governments to manage the industry collectively with other sectors.
As such, President-elect Muizzu said that he would focus on the development of the construction industry by forming a dedicated ministry. He explained that the creation of a separate ministry would allow the government to prioritise the construction industry and assist in obtaining foreign assistance.
During the function, stakeholders discussed the challenges they face in the construction industry. These include the decreasing foreign exchange circulating in the country and not receiving outstanding payments from state agencies resulting in financial losses, the erosion of trust of suppliers, and the fear of bankruptcy. They also voiced concern over the lack of support from the Ministry of Finance.