Robust economy through stronger private sector: Tourism Minister

The strength of the private sector is a crucial factor for a country’s economic prowess, said Minister of Tourism Ibrahim Faisal.

The minister made the remarks in his speech at the inaugural ceremony of the Maldives Tourism Symposium 2024, organized by the Maldives Marketing and Public Relations Corporation (MMPRC).

In his speech, the minister stressed on the prospects and benefits of private sector careers. The minister highlighted that an increment in private sector employment would reduce the government’s burden.

His statements were directed significant reliance on the tourism industry as the country’s main economic drive and noted that several islands had booming local tourism activities with significant rewards.

“It has been a major concern among people in my constituency as well, about finding public sector employment such as Fenaka Corporation, but the company is already overstaffed with 9,000 in the workforce whereas it optimally only requires 3,000 employees… so, a move towards private sector would mean the state’s expenditure is reduced while it also empowers the private sector.

“I strongly believe that any country’s economy will be empowered by strengthening the private sector,” Faisal said.

He also urged stakeholders to accept the competitive nature between tourist resorts and guesthouses in the Maldives. The minister also noted that some of the more contemporary guesthouse properties have been developed at comparatively superior qualities than some of the tourist resorts.

Speaking in this regard, Faisal said that one of the main aims of the current Tourism Ministry is to introduce and expand tourism activity in areas where the industry footprint is not significant yet.

The minister further said he intended to hold multiple tourism promotion activities to boost popularity of the guesthouse segment.

One of the key visions of President Dr. Mohamed Muizzu is to increase the affluent traveler markets to the Maldives, while the affluent tourist influx to the country is expected rise between 10 to 15 percent during next year’s low season.

While the Maldives government is targeting for two million annual arrivals in 2024, the country has already welcomed a little over 1.6 million travelers.