President of the Maldives National Association of Construction Industry (MNACI) Mohamed Ali Janah has stated that the number of loans issued for construction industry purposes have been increased by 6%.
Speaking at the inaugural ceremony of the Construction Industry Forum, President of MNACI Janah underscored the crucial role of the construction industry, in national and economic development. Highlighting the notable achievements of the industry during the first quarter of the year, Janah stated that the loans issued for construction industry purposes have increased by 6%. He expressed his optimism, stating that the augmentation in the issuance of loans for the construction industry is indicative of its progress.
Furthermore, Janah emphasised the importance of exerting more efforts to enhance the construction industry. He called onto the experts of the industry and the government, for their collaborative efforts in progressing the enhancement of the industry. He highlighted the need to discuss the challenges faced within the construction industry with relevant governmental authorities, and seek potential solutions for the problems. Janah disclosed that the biggest challenge within the industry is the lack of skilled labour, adding that the industry faces difficulties in recruiting employees, including technical experts and labourers as well.
The Construction Industry Forum aims to serve as a platform in which the challenges of the industry can be discussed, while determining potential, long-term solutions. The forum saw talks being held on four significant sectors, with more than 80 participants. The forum was attended by government officials as well as private individuals.
The construction industry is the second industry contributing the most to the nation's economic growth. The industry continues to expand as it takes on several important projects.