President Dr. Mohamed Muizzu has affirmed revolutionary changes in the economy, following the endeavours to reform the economy. The remarks were made by the president on the sidelines of the fourth International Conference on Small Island Developing States (SIDS4) in Antigua and Barbuda.
Speaking at the meeting held to discuss private sector finance, President Dr. Muizzu reiterated his commitment to develop human resources in addition to ensuring infrastructural development. The president underscored the crucial importance of the development of infrastructure and human resources to ensure sustainable development and bolster economic growth. Recognising the adverse impacts of being heavily dependent on industry during the COVID-19 epidemic, he stressed the significance of diversifying the economy and expand the private sector.
Highlighting the administration's ongoing efforts to diversify the economy, President Dr. Muizzu stated that this will in turn result in golden opportunities to enhance the development of infrastructure and human resources. The president also emphasised the necessity to bring relevant amendments to the policies utilised during commercial purpose. He further underlined the importance of establishing strong partnerships between state-owned enterprises and private firms to increase private sector investments.
Furthermore, President Dr. Muizzu revealed plans to establish a Special Economic Zones (SEZ), aiming to expand the private sector firms. Providing insight on the SEZ, the president confirmed that it will be developed such that the inflow of significant investments to the nation from various sectors. He also stated that efforts are underway to expand other industries in addition to the tourism sector, as part of the economy's diversification efforts. As such, the president highlighted that the development of airports, health sector, real-estate businesses, transshipment port and telecommunication services are some significant endeavours ongoing.
Additionally, President Dr. Muizzu emphasised the need for financial assistance for the diversification of the economy. Hence, the president urged multilateral development banks and international financial institutions to exert collaborative efforts to increase investments while urging the international community to assist and participate in the journey of development.