The Minister of Finance Mr Ibrahim Ameer on Monday, 22 April, noted the importance of the development and growth of the private sector and how it results in economic sustainability.
Speaking at the Maldives Finance Forum 2019, where minister attended as the chief guest, he noted the forum was an excellent platform for key players in the finance industry and the government to discuss important issues regarding finance and the economic growth.
In his speech, Minister Mr Ameer highlighted on ways to increase the private sector contribution in local economy. He also mentioned that an inclusive and sustainable economic development needs to be driven by strong entrepreneurship.
Finance Minister noted that the development of the private sector will result in job creation and economic diversification as well. Furthermore, he stressed on nurturing innovation and to make the culture of innovation more mainstream. In addition to this, he also added that the new model of innovation focuses more on transparency and interconnectivity.
Moreover, a sustainable growth in the economy also would mean the expansion of private sector all the while reducing the reliance on public sector employment options. Speaking in this regard, Minister also hinted that such a move could guarantee higher income and better prospects for employees and working-class citizens.
Minister was also keen to note on the initiatives by the incumbent government on their crackdown on corruption which thus would create a safer and more friendly environment for businesses and startups as well.