During an event hosted by the Maldives National Association of Construction Industry (MNACI), plans were unveiled for the establishment of a dedicated ministry aimed at stimulating growth and development within the nation’s construction sector.
It was noted that the construction sector in the Maldives, despite being the second-largest contributor to the economy, has not expanded at the desired pace. The challenges were attributed to past governmental approaches, which had integrated the management of the construction sector with various other industries. While previous administrations had tried to boost the sector, efforts to move it forward have been reignited with the proposal of a dedicated ministry for the construction industry.
“The construction industry has consistently been integrated into multiple ministries. Nevertheless, there is a commitment to drive progress in the construction sector by creating a dedicated ministry for this essential industry,” it was stated.
Establishing a dedicated ministry for the construction sector is a measure to enhance its focus and priority within the government’s agenda. Additionally, it is expected to facilitate efforts to secure foreign assistance for the sector’s development.
The event also served as a platform for individuals with experience in the construction sector and entrepreneurs to discuss challenges hindering the industry’s growth. Business leaders shared concerns about the reduction in foreign exchange inflow due to expatriate workers, outstanding payments from government agencies, diminishing trust among suppliers, concerns about potential business closures, and a perceived lack of support from the Ministry of Finance. A diverse group of participants actively engaged in these discussions, emphasising the importance of addressing these challenges to drive progress within the construction sector.