The Maldives' burgeoning local tourism sector owes its success to the country’s' rich culture and idyllic natural environment, Minister of Tourism and Environment Thoriq Ibrahim affirmed Thursday at the opening of the second Guest House Symposium.
Speaking at the symposium, held at Crossroads organised by the Maldives Islamic Bank (MIB) to expand and promote the role of guest houses in the tourism industry, Minister Thoriq highlighted the government's priority for guest house development, emphasising that the industry's impressive growth is a direct result of the rich culture and idyllic natural environment of local islands.
He urged guest house operators to focus on making this success sustainable.
"Guest houses can do a lot for the sustainability of the industry. Many guest houses are already working hard to eliminate plastic waste. But more can be done," the Minister said calling on local island councils and the public to collaboratively protect the environment and combat climate change.
The event also saw MIB's Managing Director, Mufaddal Idris Khumri, announce a substantial commitment to provide USD 100 million in financing for the sector over the next three years.
Echoing the commitment to the industry's future, Khumri underscored the bank's leading role in its development.
Khumri estimated that the guest house industry would require an investment of USD 400 million to USD 500 million over the next five years, with MIB aiming to deliver a significant USD 100 million in financing within the next three years to facilitate this growth.
The one-day symposium, which attracted 150 participants including guest house owners, industry experts, and leaders, features three key panel discussions. These sessions will delve into effective marketing strategies, ensuring safety and security within the industry, and addressing the various challenges faced by guest house operators. Keynote speeches are also scheduled as part of this year's comprehensive agenda.