Ministry of Economic Development has revealed plans to establish an investment bank in Maldives focused on small and medium sized enterprises. Financial challenges are the biggest challenges faced in enhancing small and medium-sized enterprises in Maldives, Deputy Minister at the Economic Ministry Adam Thaufeeq stated while speaking with PSM News adding establishment of an investment bank will fully eliminate the challenge.
Moreover, Adam Thaufeeq said Maldivian economy stands on income generated from the tourism sector, stating while the economic situation of the country plays a major role in the development, the tradition of depending on tourism sector must be changed. It can be achieved by increasing the industrial sector of the country, revealed Adam Thaufeeq.
Noting major efforts of the government to enhance the industrial sector of Maldives, the deputy minister said government aims to increase the participation of small and medium enterprises in the economy.
Furthermore, Adam Thaufeeq revealed the government is now discussing to secure technical support to establish an investment bank for the sector, with the help of international investment forums. In this regard, he said discussions are being held with China, Malaysia and Singapore.