Economic development is underpinned by trust, Minister of Economic Development, Transport and Trade Mohamed Saeed has said.
Saeed made the remarks while speaking at the launch ceremony of DINAF-48, a fund established by the Dhivehi Investment Nafaa Fund.
The Minister described trust among stakeholders as one of the most important factors in a small society such as the Maldives. He noted that when trust is lacking, the pace of economic activity slows considerably. As an example of how trust supports business growth, he pointed to the tourism industry. He also expressed concern that, despite strong demand for financing tourism-related assets, the trade sector has not expanded at the same pace in the Maldives.
“The trade sector does not grow on its own. It exists largely as an industry that supports tourism,” Saeed said.
The Minister added that the government is continuing efforts to facilitate trade and that supporting entrepreneurs who drive economic growth remains a key priority.
According to Saeed, the policies of President Dr Mohamed Muizzu are focused on encouraging private-sector investment, creating well-paying jobs, strengthening the State’s fiscal position in the medium term, and improving debt sustainability.
The government has also highlighted that the recent upgrade of the Maldives’ credit rating by Fitch reflects growing international confidence in the country’s economic reforms and fiscal measures.
The newly launched DINAF fund is registered with the Capital Market Development Authority (CMDA). Saeed noted that such funds play an important role in supporting the development of the Maldives’ financial and investment sectors.