President Dr Mohamed Muizzu has highlighted the role of British businesses can play in advancing the Maldives’ economic transformation towards a resilient and diversified economy. He made the remarks while speaking at the UK-Maldives Business Forum held on Thursday as part of his ongoing official visit to the United Kingdom.
In his address, the President said while the Maldives and the UK approach 60 years of diplomatic relations, both countries have a strong relationship, especially in the areas of trade and economic cooperation.
The President highlighted that the UK has played an important role in developing the Maldives's two key industries, tourism and fisheries, such that both industries are beneficial for the Maldives. The President said the UK remains one of the largest source markets for Maldives tourism, with over 180,000 tourists visiting the Maldives from the UK last year alone.
The President invited both British and international businesses to participate in the development that the Maldives is currently achieving, and invest in the growing economic opportunities available in the Maldives. He also noted that in addition to fisheries and tourism, there are also vast opportunities for innovation in the Maldives.
"There are several opportunities in multiple areas where the Maldives needs to develop in the future. These include the creative industry, infrastructural development, human capital and digital transformation. I invite businesses to become part of this journey,” the President said.
The President said the government aims to increase the Maldives’ creative industry’s contribution to 15 percent of the nation’s Gross Domestic Product (GDP) by 2030. The President requested to assist the Maldives in developing investments, human resources, and opportunities to develop the creative industry.
The President also highlighted the efforts being made to digitise government services. He shared the Maldives’ efforts to shift toward an environmentally sustainable energy system and shared the government's vision and investment potential with British businesses. The President also expressed the need to introduce modern innovative methods in expanding mariculture in the fisheries industry as part of the efforts to diversify the economy.
The President further noted that the new passenger terminal developed at the Maldives’ main international airport, the Velana International Airport (VIA) will also expand the air transport industry in the country and provide many business opportunities. The President noted that the private sector plays a very important role in building the future of the Maldives. The Foreign Investment Act, which came into force last year, has strengthened business regulations and ensured security for investors in the Maldives, he said.