President Mohamed Muizzu has highlighted the commitment of Small Island Developing States (SIDS) to resilient prosperity and sustainable development. He made the collective call at the conference to amplify the call for resilient prosperity to the international community.
Highlighting that Maldives' narrative is not solely defined by its inherent vulnerabilities but also by its determination to protect its people, values, and culture, President Muizzu said the country is committed to safeguarding biodiversity on land and in the ocean, embodying sustainability and resilience as core principles.
In his address, President Muizzu underscored the critical interplay between structural and human development, describing them as essential for a nation's security, strength, and economic prosperity. He emphasised that these two pillars must progress hand in hand to achieve sustainable growth.
Tourism, traditionally the Maldives' economic backbone, was severely impacted by the COVID-19 pandemic, revealing its fragility. To mitigate this, President Muizzu advocated for economic diversification and increased private sector involvement. He called for a re-evaluation of business practices and stronger partnerships between governments and private entities to foster an environment conducive to investment and innovation.
Furthermore, President revealed that to attract significant investments, the Maldives has established special economic zones and is focusing on expanding various sectors beyond tourism. As such investments in infrastructure, such as airports, healthcare facilities, communication, real estate, and transshipment ports, are pivotal to this strategy, added the president.
President Muizzu also highlighted several transformational projects underway in the Maldives. One such project is the development of a new city with state-of-the-art sustainable and climate-resilient features, addressing land scarcity and housing issues while promoting economic prosperity, he noted.
Enhancing food security and reducing reliance on food imports are paramount goals in President Muizzu's development agenda. The Maldives is pursuing cutting-edge technology to bolster food production and is committed to establishing an agricultural industrial park, which promises a revolutionary transformation in the country's agriculture sector.
Economic resilience, according to President Muizzu, depends heavily on international financial support. He called for partnerships with Multilateral Development Banks (MDBs) and International Financial Institutions (IFIs) to mitigate investment risks and attract private investors. He urged the international community to join the Maldives in its development journey, providing accessible and adaptable solutions to meet the unique challenges and pressing development needs of small island countries.