President Dr. Mohamed Muizzu has emphasised the pivotal role of private partnerships in driving economic growth and resilience. He made the remarks speaking at the high-level closing ceremony of the SIDS Global Business Network (GBN) forum 2024 held on the sidelines of 4th International Conference on Small Island Developing States held in Antigua and Barbuda.
Addressing leaders and stakeholders, President Dr. Muizzu underscored the significance of fostering collaboration between governments and the private sector to tackle pressing issues and achieve sustainable development goals.
President Muizzu stressed that in SIDS, where resources and market opportunities are often scarce, the private sector assumes heightened importance in spearheading innovation, empowering communities, and navigating market dynamics. Noting the private sector has the most important role to play in any economy, President stated from innovation to technology, from community empowerment to market trends, private sector contribution is paramount.
Recognising the unique challenges faced by SIDS, President Muizzu called upon governments to create an enabling environment for private enterprise which includes measures to facilitate ease of doing business, provide capacity-building support, and open avenues for financing. The president highlighted the importance of facilitating cross-border trade, safeguarding intellectual property rights, and streamlining regulations to attract investment and foster entrepreneurship.
Moreover, President Muizzu emphasised the need to prioritise inclusivity and empowerment of local communities, acknowledging local enterprises as vital components of small societies. By promoting inclusivity, the president envisioned enhancing connectivity between businesses and governments, leveraging their collective strengths to address common challenges such as infrastructure development and disaster risk reduction.
Furthermore, President advocated for the establishment of platforms to facilitate partnership building and knowledge sharing between the public and private sectors. Such initiatives are crucial for addressing urgent issues like climate change, economic vulnerability, and limited access to affordable financing, which pose significant hurdles for SIDS, added the president.
In conclusion, President Dr. Mohamed Muizzu reaffirmed his commitment to advancing private sector partnerships as integral components of SIDS development strategies. By placing the private sector at the forefront of development efforts, President Muizzu expressed confidence in overcoming challenges and achieving sustainable growth for all SIDS nations.