The annual Maldives Finance Forum, organised by the Maldives Pension Administration Office (MPAO), began Wednesday at Kurumba Maldives, bringing together 110 financial leaders and stakeholders to discuss the future of the nation's capital markets.
This year's forum is dedicated to the theme of "Building a Resilient and Inclusive Capital Market".
The event aims to facilitate high-level discussions on opportunities and challenges facing businesses, investors, and the general public within the Maldives' financial sector. The agenda for the day includes presentations, keynote speeches, and panel discussions from both local and international experts.
In his opening address, MPAO Chairperson Dr Ahmed Inaas spoke on the progress and hurdles facing the local financial market. He highlighted the significant progress made since the introduction of the Maldives Stock Exchange in 2008, noting that the market capitalisation now exceeds USD 2.2 billion.
Dr Inaas, however, also stressed the need for further development, pointing out that the financial market's contribution to the national productivity index or GDP remains low, accounting for only 32 percent.
"Banking and lending still play a leading role in financing. Money flow has decreased and participation has been limited. With legal vacuums across the sector, progress has been hampered. That is why financial forums are important,” he explained.
The forum was first held in 2012 and has since become a key annual event for the country's financial sector. It provides financial professionals with a platform to share research and projects, and to discuss the development of the nation's financial and social security sectors.