President Dr Mohamed Muizzu has pledged to address the challenges facing the Maldives’ boat building industry, promising to create opportunities for Maldivians to thrive in the sector. Speaking to residents of Innamaadhoo, he outlined his Administration’s vision for revitalising the industry and reaffirmed its importance as a sector inherently tied to Maldivian heritage.
The President identified financing as the most significant obstacle to the growth of the sector. To tackle this, he announced plans to provide affordable financing options through the banking system, aimed at fostering the sector’s development.
He also expressed concern over the reliance on expatriate workers in boat building and proposed the establishment of a training centre in Innamaadhoo to nurture local talent. This initiative, he explained, would ensure the sector remains predominantly Maldivian while creating skilled opportunities for the youth.
Addressing another key challenge, President Muizzu highlighted the issue of limited space and short-term land leases. These constraints, he noted, have hindered long-term investment and the implementation of larger projects. To counter this, he promised to introduce measures allowing councils to provide long-term leases, thereby strengthening investment confidence in the industry.
The President clarified that these measures would not be confined to Innamaadhoo but would be implemented nationwide, ensuring uniform support for the sector. He reiterated his Administration’s commitment to positioning boat building as a sustainable and distinctly Maldivian industry, capable of contributing significantly to the country’s economy.
With these pledges, President Muizzu has underscored his dedication to overcoming barriers in the boat building sector and creating a future where the industry flourishes under Maldivian leadership.
