Resilient infrastructure key to economic growth: President Muizzu

President Dr Mohamed Muizzu has called upon the international community to assist SIDS in diversifying their economies and expanding their productive capacity frameworks at the Maldives' side event, "Building Productive Capacities in Small Island Developing States (SIDS)," at the United Nations.

Speaking at the event, President Muizzu emphasized the Maldives' progress from a low-income to an upper-middle-income country, largely driven by the growth of the tourism sector.

However, he added that the nation faces significant challenges in overcoming the middle-income trap.

President Muizzu proposed three strategic initiatives to achieve the Ten-Year Programme of Action outlined in the Antigua and Barbuda Agenda for SIDS:

- Technological Advancement: President Muizzu reiterated the Maldives' commitment to enhancing access to global payment gateways, a crucial step for integrating the nation into the global market

- Resilient Infrastructure: President Muizzu highlighted ongoing initiatives to upgrade infrastructure across key sectors such as transportation, energy, and digital connectivity, aimed at facilitating access to global supply chains and attract investments

- Evidence-Based Policy: President Muizzu highlighted the need for financial support for tools like the Productive Capacities Index, developed by UNCTAD. He urged development partners to assist in making informed policy decisions that can drive meaningful economic change and invited UNCTAD and other UN agencies to collaborate on country specific interventions

Concluding his address, President Muizzu invited panellists to propose actionable steps for enhancing productive capacities and fostering innovation within SIDS.

The side event was co-hosted by the Maldives, alongside St. Vincent and the Grenadines and the United Nations Conference on Trade and Development (UNCTAD).