President Ibrahim Mohamed Solih has expressed the administration envisions a favourable environment for small and medium-sized enterprises (SMEs) to flourish.
Delivering the presidential address, President Solih said the administration aims to establish an environment where enterprises would be able to provide basic services, have the capacity to undertake ambitious development projects and are free of destructive market competition from larger companies.
While delivering the presidential address, the president highlighted several loopholes are identified in the economic policy which needs amendment. Speaking in this regard, he stated efforts to restructure companies to achieve the vision of the administration are currently being undertaken.
Furthermore, noting the SME Development Finance Corporation, established in January to elevate SMEs, will start issuing SME Loans from March onwards, President Solih said upon gaining a banking license this year, the corporation shall be a functioning bank. The president expressed an Exports Council has been enacted to help seek access for Maldivian products to foreign markets at competitive prices which will facilitate easy access to foreign markets for fisheries and agricultural products.
The president stated the council is established in beliefs that developmental aspirations should not be undertaken by the administration alone. In this regard, he noted non-partisan private companies are far more predisposed to envisage developmental progress and a system is now in place whereby private parties may propose and run developmental projects alongside the administration.
Continuing on, President Solih revealed Government Fund Management Corporation will be created this year to accumulate and manage funds to facilitate national development projects initiated by private parties. He unveiled financing for island development projects long stuck in the pipeline will be facilitated via the company.