President: Economic strength is the geographical location of Maldives

President Dr. Mohamed Muizzu speaks at the Invest Maldives Forum in Dubai on February 13, 2024. (Photo/Naveen)

President Dr. Mohamed Muizzu, citing Maldives’ geographical location as its key economic strength, states Maldives will be transformed through comprehensive thinking and plans.

Speaking at the Invest Maldives Forum which kicked off in Dubai on Tuesday – President Muizzu said the Maldivian economy has been improving since the introduction of tourism in the island nation.

He described the geographical location of the Maldives and its natural beauty attracting tourism as the nation’s key economic strength.  

“The strongest point of the economy is the geographical location of the Maldives. The location of Maldives in the crossroads of Asia and Africa makes our nation an ideal hub for trade investment and connectivity,” he said.

President Muizzu noted that the International Monetary Fund (IMF) had full confidence that Maldives will see the number of tourist arrivals as forecasted by the government.

He went on to speak regarding the government’s priority to diversify the Maldivian economy within and outside of the tourism sector in addition to introducing more industries respectively.

“Our manifesto outlines how to diversify the economy, within and outside of the tourism sector. This includes investing in in key areas such as food security, strengthening the fisheries sector, positioning the Maldives as a financial hub and investing in areas such as trade and logistics,” he said.

A capture from Invest Maldives Forum in Dubai on February 13, 2024. (Photo/Naveen)

President Muizzu emphasized the need to increase private sector-led growth to achieve the transformation goals that his administration aspires. In this trajectory, he announced his administration’s commitment to providing a safe, secure, and efficient space to conduct business in the Maldives.

The president, recognizing the economic challenges faced by not only the Maldives, but also the world at present, expressed confidence they could be overcome by working together.

He urged investors participating in the forum to foster ties and friendship to pave for a relationship to undertake collaborative work.