Muizzu: Construction industry major contributor to GDP since 2014

The construction industry has been the second biggest contributor to the national GDP since 2014, says Minister of Housing and Infrastructure, Dr. Mohamed Muizzu.

Speaking at the inauguration of a power mix plant by State Trading Organization (STO) in Hulhumale’ last Sunday night, Muizzu said the local construction industry has experienced major developments over the past four years.

He said that easier payment options for housing construction has led to an increase in demand, which can be judged from the banking sector and the increase in number of people who apply for housing construction at the Ministry of Housing and Infrastructure.

“The President has been working on developing the construction industry since 2014. The results are visible. Looking at the GDP of Maldives – construction industry is the second largest contributor to the GDP,” said Muizzu.

He said that major steps have been taken to develop the construction industry since the current administration came to power, most notably the introduction and implementation of initiatives for small and medium enterprises.

Muizzu said that Hulhumale’ is a hub for construction. And that the need for a power mix plant in Hulhumale’ is very high.

The minister said that STO is a leading contributor to the development of Maldives, and expressed hope STO will open power mix plants in other developing urban areas such as Addu City and H. Dh. Kulhudhuffushi.