In a compelling speech, Vice President Uz Hussain Mohamed Latheef outlined a bold vision for transforming the island nation into a developed country by 2040, calling on the Commonwealth business community to play a key role in that journey.

Speaking with optimism and ambition, the Vice President emphasized the Maldives’ resilience and its determination to shape its future, despite the challenges it faces as a Small Island Developing State (SIDS).

With a bold target to reach developed nation status by 2040, the Vice President acknowledged that the plan may seem ambitious, even unrealistic to some, but emphasized that this fuels the government’s determination.

He highlighted the government’s ambitious goal to build a more resilient and prosperous Maldives under the leadership of President Dr. Mohammed Muizzu.

To achieve his vision, Vice President The Vice President proposed three key areas for collaboration with the Commonwealth business community.

First, Vice President Latheef highlighted the need to attract private sector investment by creating a more business-friendly environment.

He called for reducing bureaucracy and strengthening regulations to make the Maldives more appealing to investors, noting that access to finance is often limited for Small Island Developing States (SIDS).

He encouraged businesses to invest in the country.

Second, sustainability is a key priority due to the Maldives’ vulnerability to climate change. The government has set a goal to generate 33% of the country's electricity from renewable sources by 2028.

The Vice President highlighted the Maldives as an ideal location for testing cutting-edge renewable energy solutions, particularly due to its vast ocean territory and potential for ocean-based energy generation.

Lastly, he stressed the importance of strengthening the private sector and diversifying the economy beyond its reliance on tourism and fisheries.

He encouraged collaboration in sectors such as ICT, finance, and renewable energy, with a long-term goal of creating a resilient private sector by 2040, contributing to shared prosperity. 

The Vice President’s message to the Commonwealth business community was clear: the Maldives is ready for partnership and innovation. 

As the Maldives embarks on this transformative journey, the Vice President extended a warm invitation to the global business community.

With ambitious plans and a clear call for sustainable development, the Maldives is positioning itself as a forward-thinking partner in the international arena, eager to work with investors to secure a prosperous and resilient future.