President had declared that the private sector is particularly significant for navigating prosperity for SIDS and called upon foreign financial institutions and governments to offer accessible financial solutions and forge connections with the private sector.
President Dr Mohamed Muizzu has declared that resilient prosperity for Small Island Nations (SIDS) can only be achieved by empowering the private sector and handing them the helm.
Speaking at the High-level Closing Ceremony of the SIDS (Small Island Developing States) Global Business Network (GBN) Forum 2024, held at Antigua and Barbuda today, President stated that the key economic role of private sectors in facilitating innovation, technology, community empowerment and market trade is particularly essential for Small Island Nations (SIDS).
He had asserted the need to prioritize inclusivity within local communities, making three key points for this aim.
The first point he had presented had highlighted the necessity of facilitating and promoting investments for young entrepreneurs as well as micro, small, and medium enterprises (MSMEs).
He had also noted that structuring alleviated regulations and guidelines to utilize the strengths of the private sector is particularly important for SIDS to reduce vulnerability to disasters, navigate infrastructure development and achieve sustainable development.
"In todays rapidly evolving and unpredictable global environment, the private sector in SIDS is in need of support more than ever," he said.
He highlighted that facilitating effortless cross-border trade and opening new markets is essential to contributing to their goal and stated that governments are responsible for ensuring small businesses are facilitated with opportunities to build capacity and new approaches for finance in order to establish an easier business path for them.
The second point raised by the President was further empowering and increasing inclusivity within the local community. He emphasized that this will boost connectivity with the government, allowing strengths of both sectors to align and achieve common goals.
Stating that local enterprises maneuver the needs of society in ways that governments cannot, he had declared that they are the bedrock of the society.
"Therefore, empowering businesses is empowering our ability to govern," he said.
He had announced that the current administration intends to launch a USD 6.5 million loan facility for women entrepreneurs with 25 percent allocated for women with disabilities under efforts to facilitate sustainable development for local communities.
The President's third call to action was establishing platforms to forge partnerships and share experiences.
He said that the biggest challenge faced by the private sector is restricted access to affordable financing opportunities. He recalled that the country's risk of debt and small market also impedes investments, posing difficulties in navigating a balanced economic development.
"Finance should not be a barrier but a bridge to prosperity for all."
He called upon banks and financial entities to open doors to facilitate easier access to finance and tailor opportunities to the needs of the private sector.
President Muizzu declared that the agenda of the conference can only be achieved through partnerships between the governments of SIDS and the private sector.
"Put them [the private sector] on the drivers seat in our efforts in realizing resilient and inclusive prosperity for all," he concluded.
This conference that is organized once a decade is being held in Antigua and Barbuda from May 27 to May 30 this year under the theme of "Chartering the Course towards Resilient Prosperity".
President Muizzu will also deliver a national statement during the plenary session of this summit hosted in Barbuda on May 27. Additional seven statement shedding light over the effects of climate change will also be delivered during this conference to propose solutions to mitigate these issues.
The President's Office stated last Thursday that three events organized by Maldives is set to take place during the conference.
Sign In
