09 January 2024
Dr Mohamed Muizzu
Excellencies,
Mr. Zhao Long, Governor of Fujian Province,
Her Excellency Wang Wenxin Chinese Ambassador to the Maldives
Her Excellency Ms. Guo Ningning, Executive Vice Governor of Fujian Province
His Excellency Wang Jinfu Vice Governor of Fujian Province,
Leaders and members from the Chinese Communist Party and the Provincial Peopleโs Government of Fujian,
Ministers, distinguished business delegates, Ladies and gentlemen,
ุงูุณููููุงู ู ุนูููููููู ู
And a very good morning.
It is my privilege and pleasure to be here in this beautiful city of Fuzhou and be part of this โInvest Maldivesโ business gathering and networking event. My governmentโs vision for the development of the country is one of engagement, partnership building and focused delivery. The fact that I am here in China on my first state level visit is testament to the commitment of His Excellency President Xi Jinping and the people of China to the Maldives. We have no doubt that China will be our closest partner in development.
I would like to extend my sincere thanks to the leadership of the Fujian Provincial Peopleโs Government and officials of Fuzho for co-hosting this forum and for the excellent arrangements in making such a gathering possible.
The fact that the first international business event that my Government participates in is taking place in China, reflects our long-standing and fruitful G2G and B2B cooperation. I am delighted to witness the strong presence of both Chinese and Maldivian businesses here today. This shows that the close political ties both our countries enjoy are replicated at the commercial level as well.
Excellencies, Distinguished Delegates,
The relationship between Maldives and China is one that has a long history, dating back to the ancient Maritime Silk Road. Having established diplomatic relations in 1972, China remains one of our closest allies and development partner. The Maldives became an early party to His Excellency President Xi Jinpingโs Belt and Road Initiative in 2014 which has delivered the most significant infrastructure projects witnessed in the Maldivian history.
Hence, it was a privilege for me to have got the opportunity to send a special envoy on my behalf to the Third Belt and Road Forum held in October of last year, just few weeks after our election victory. As emphasized by President Xi Jinping at the forum, BRI has indeed created land, ocean, and air, and digital connectivity channels truly transforming the way goods, capital, technology, and people move between partner countries.
The new vision for our central airport that I launched just few days before I arrived here, and the Commercial Port Project are key strategic initiatives of my Government that are in alignment with the BRI vision of land, ocean, air and digital connectivity. The Government is keen for exploring and taking partnerships for these projects under the framework of the Belt and Road Initiative.
Excellencies, Distinguished Delegates,
The Free Trade Agreement signed between our countries stands as a symbol of the close commercial ties between China and the Maldives. I am told that it is the first comprehensive FTA between China and a South Asian country. The FTAโs aim to boost bilateral trade and investments, especially increasing our export of fish products to China is a key priority for us through the FTA. My government is committed to ensure quick implementation of the agreement.
Other initiatives such as the Global Development Initiative and the Asian Infrastructure Investment Bank spearheaded by China, have also been crucial in accelerating the implementation of our developmental projects. It was an honor for me to have served as the first Governor from Maldives to AIIB in 2017. This made me understand firsthand, the potential that initiatives like these have in transforming the development path of countries like us.
Excellencies, Ladies and Gentlemen,
My administrationโs developmental agenda is based on the premises that while we capitalize on our strengths to further strengthen tourism and pursue diversification into additional sectors, we will do so with due consideration of the environment and our ocean resources. Our Government is committed to implementing a bold developmental agenda aimed at transforming the Maldivian economy in the next 10-15 years.
A project close to my heart in this respect is the new city development in the central region โ RasMale. With a plan to reclaim over 1000 hectares within 8 months, we intend to develop RasMale as the first eco-friendly city in the country, to serve a total population size of 325,000 people. The city will be complete with well-rounded infrastructure services and commercial opportunities.
Increasing the mix of renewable sources in meeting our energy requirements is also a key pledge of my Government. We announced a target of meeting 33% of power demand through renewable energy sources by 2028 at the COP28 in Dubai. I am pleased to note that we received positive response from the private sector on this endeavor, with the Government receiving its first proposal under the SEZ framework to develop a project of 110 MW of floating solar and battery storage. Once successfully rolled out, this project has the potential to produce 34% of electricity consumed in Male and Hulhumaleโ.
We also have plans for a large-scale project targeted towards food security, dedicated investments to enhance fish processing capacity and investments for regional development by scaling up infrastructure, health, higher education, waste management, and coastal protection.
To focus on diversifying our economic base and ensuring economic security, the Government has recently established a company โ Maldives Industrial Development Free Zone. The company will act as a master developer for strategic initiatives to bring in additional income to the country while also making investments as necessary to ensure a stable standard of living for our citizens.
While we do all this, we will continue to strengthen and drive the economic industry and boost visitor numbers. The Government has plans to diversify the tourism product and offer new experiences. Initiatives include a top-tier school of hospitality and exploring sports, medical and cultural tourism. China was our number one market pre-COVID, and it is my request that we intensify efforts for China to regain this position.
Excellencies, Ladies and Gentlemen,
Our development plan targets to double our GDP from the current 6 billion dollars to 12 billion dollars by 2028.
My Government firmly believes that broad-based, private sector-led growth is essential to achieve these goals of transformation that we aspire for. We believe that private sector capital, in particular foreign investments as well as access to external financial resources, are absolutely crucial for successful rollout of our key initiatives.
I am here to give my Governmentโs full assurance to engage with you in the spirit of partnership, to ensure that your entry into investing in the Maldives is seamless, and to guarantee that doing business in the Maldives is truly a rewarding experience.
I would like to note here that one-stop business services have been rolled out and a one-day turnaround for company formation is now possible. We also recently ratified a new Companies Act that recognizes single shareholding companies and allow for professional directorship. The Special Economic Zones framework has been reactivated, which provides attractive incentives for strategic investments of over USD 100 million. A completely new Foreign Investment Law is in the pipeline with provisions guaranteeing investment security as well as paving the way for investment treaties.
Excellencies, Ladies and Gentlemen,
Before I conclude, I would like to extend my sincere gratitude to all the delegates present here today. I also note the excellent efforts of all my Ministers and their teams, and the support provided by the Fujian Provincial Peopleโs Government in organizing this excellent forum. I am confident that this is the start of a series of similar interactions to follow in the next five years.
The Maldives looks forward to further strengthening the collaboration between our two countries and establishing long-lasting, mutually beneficial relationships with businesses and provincial governments across China. With the unwavering support of China, we are confident that we can attain and exceed our goals and create a prosperous future for our people.
Thank you.
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