In a keynote speech at the Commonwealth Business Forum, held during the Commonwealth Heads of Government Meeting (CHOGM), the Vice President, His Excellency Hussain Mohamed Latheef, outlined a bold vision for the future of the island nation. Addressing business leaders from around the world, the Vice President emphasised the importance of partnerships between small island developing states (SIDS) and the global business community in ensuring long-term resilience and prosperity.
Vice President Latheef highlighted the ambitions of the Maldives to become a developed nation by 2040. “Almost one year ago, the Government of President Dr Muizzu took office with a bold and ambitious vision for our country. A vision for a more resilient and prosperous Maldives. A vision to transform the Maldives into a developed country by 2040,” he stated.
Acknowledging the challenges that SIDS face, he asserted that these islands should take control of their destinies. “We refuse to be defined by our vulnerabilities. I believe that SIDS like mine, should be in charge of our own destinies,” he said.
Key Proposals for Investment and Collaboration
Vice President Latheef presented three recommendations for fostering sustainable growth in SIDS, focusing on collaboration with the private sector. First, he called for an enabling environment that attracts investment, pledging to streamline policies, reduce bureaucratic hurdles, and build a robust regulatory framework. “To achieve our goals, we need your support and trust. We aspire to have your confidence. We invite you to invest in the Maldives,” he remarked.
The second key proposal centred on sustainability. Reflecting on the Maldives’ commitment to reducing its dependence on fossil fuels, Vice President Latheef mentioned the government’s goal to generate 33% of the country’s electricity from renewable sources by 2028. “With 99% of our territory covered by ocean, we are eager to use its potential for energy generation. The Maldives is an ideal testing ground for cutting-edge renewable energy solutions,” he noted.
The third area of focus was strengthening the Maldives’ private sector, particularly through increased business-to-business collaboration. Vice President Latheef stressed the importance of diversifying the nation’s economy, which remains heavily reliant on tourism and fisheries. The Vice President mentioned ongoing efforts to support new sectors such as information and communication technology (ICT), finance, and renewable energy, citing the need for enhanced cross-border trade and market expansion.
Invitation to the Commonwealth Business Community
Concluding his remarks, Vice President Latheef extended an invitation to the Commonwealth business community to join the Maldives on its transformative journey. He underscored the potential for substantial returns on investment in SIDS, while also highlighting the government’s readiness to collaborate.
“The Maldives stands ready to collaborate, innovate, and grow with you,” he said in his closing statement.
With the Maldives positioning itself as a hub for sustainable energy and economic diversification, the Vice President’s speech serves as a clear call for global businesses to seize the opportunities presented by this island nation.
