President Dr. Mohamed Muizzu has stated that the Maldives is ready to embrace the next chapter of the digital revolution, revealing the Maldives' aim of advancing as a digital economy. The statement was made by the president during his address at the India-Maldives Business Forum held in New Delhi, India.
Speaking at the forum, President Dr. Muizzu stated that India was a key partner in the economic development of the Maldives, highlighting India's continuous support and assistance provided in infrastructure, health, education, and several other sectors. The president shed light on the long-standing bilateral ties between the two countries, reaffirming the Maldives' commitment of elevating the existing levels of bilateral cooperation.
In his address, President Dr. Muizzu underscored the critical role private investments play to expedite the economic development and increase the nation's productivity. The president emphasised the importance of the private sector in enhancing resilience and promoting sustainable development as well. He stressed the need to encourage such investments to improve the livelihoods of our people.
Furthermore, President Dr. Muizzu stated that he assumed office with a bold developmental agenda, aiming to transform the Maldivian economy. The president disclosed that the agenda included strengthening the existing base of tourism, and further diversifying into key areas such as financial services, maritime and digital economy. He revealed that the Maldives aims to advance as a digital economy, extending invitations for investors to invest in this field. The president shared information on the changes brought to the legal framework, to protect investors. He particularly highlighted on the introduction of the Foreign Investment Law.
Highlighting that the economic development primarily depends on the tourism industry, President Dr. Muizzu stated that efforts are underway to expand the industry and broaden capital market. The president also highlighted the ongoing efforts to enhance and reform the financial industry of the Maldives as well. He expressed optimism in the establishment of the Maldives International Financial Centre, announcing plans to inaugurate the Development Bank of Maldives during this quarter. He further stated that this in turn will mark a significant milestone in the nation’s financial landscape.
Additionally, President Dr. Muizzu shed light on the progress made by the Maldives in the fields of environment and renewable energy. The president shared important details pertaining to the development of the agriculture and fisheries industries, and the efforts being exerted to achieve the overarching goal of producing 33% energy, from renewable sources. He stated that the Maldives-India bilateral ties are built on a strong foundation, assuring that the collaboration will ensure mutual benefits to both countries.