Minister of Economic Development and Trade Mohamed Saeed has emphasised that a strong construction industry is essential for promoting tourism in the Maldives.
The Minister made the remarks at the Maldives National Association for Construction Industries (MNACI)'s 24th Annual Member Forum.
Speaking at the forum, Minister Saeed said the government is actively listening to the construction sector. He noted that the government’s recent publications have also included proposals submitted by the MNACI.
The Minister highlighted that two main revenue streams exist in the construction industry. While the industry earns much of its revenue through the government's Public Sector Infrastructure Programme (PSIP) projects, it is linked to the state's revenue, which in turn, is closely tied to the tourism sector, he explained.
The Minister observed that the tourism industry has undergone dramatic transformations roughly every decade over the last five decades. He said the industry is now at its peak, and stressed the need to take steps to ensure its sustainable growth in the future.
In his speech, the Minister said that the tourism industry and the construction industry cannot be separated. He noted that the economic growth of the country is the result of the progress made by these two industries.
"Tourism is our strongest industry, and this, in turn, is linked to construction. The second-largest share of our GDP comes from this sector. How did we achieve this? With your ideologies and critical thinking. We have neighbouring island nations. However, they do not have the amount of local contractors that we do. This is the result of your resilience. Tourism and Construction cannot be separated,” he said.
The Minister further discussed the amendments to the Special Economic Zone (SEZ) Act, aimed at boosting the economy. He noted that a USD 500 million investment is planned to expand health services that are currently unavailable in the Maldives and strengthen food security. Similar investments will also support tourism in these zones, facilitated by a strong construction industry, he said.
The 25-year Anniversary Campaign was launched during the MNACI’s Annual Member forum.