His Excellency President Dr Mohamed Muizzu attended the Maldives-Singapore Business Forum this morning in Singapore. This forum is a significant step in deepening economic ties between the Maldives and Singapore, with President Dr Mohamed Muizzu’s administration setting a hopeful and ambitious tone for future collaboration. At the forum, President Dr Muizzu presented awards to notable Maldivian and Singaporean nationals and businesses for developments attained in the past 50 years of trade and commercial ties.
Key investment opportunities including in clean energy, luxury tourism, infrastructure development, and in the digital economy in line with the Government’s Vision 2040 to attain developed country status by 2040 were outlined in the forum.
A memorandum of understanding was signed between the Ministry of Finance and Planning and Singapore Cooperation Enterprise to strengthen the capacities of the Maldives’ State Owned Enterprises through study visits, training programs and consultancy services.
An additional two agreements were signed at the forum.
A Services Agreement to establish a Residence by Investment Programme was signed between the Government of Maldives and Henley & Partners. Henley & Partners is the leading global firm in residence and citizenship by investment. This agreement enables avenues for real estate investment, positioning the Maldives as a premium island economy to live and invest in.
An Investment Agreement for Project Solar City was signed between the Government of Maldives and APM SPV Pvt. Ltd that will see the first large scale floating solar power project built in the Maldives. It reflects the Maldives’ climate goals and is a significant step towards the country’s target of meeting 33 percent of electricity demand from renewable sources by 2028.
Her Excellency Grace Fu Hai Yien, Minister for Sustainability and the Environment of Singapore gave a special address at the forum where she highlighted the positive trajectory of the Maldives-Singapore partnership initiatives and expressed hope for continued progress. Several cabinet ministers from the Maldives also discussed prospects for building on the strong foundation for partnerships between the Maldives and Singapore.
A high-level panel discussion was held at the forum under the theme “From Foundation to Future: Exploring Investment Partnerships”. The discussion focused on securing sustainable investment returns in a diverse range of areas, consistent with the broader development goals of the Maldives.
The forum also featured sideline events which focussed on the past 50 years of trade and commercial ties between the Maldives and Singapore.
The forum was held as part of President Dr Muizzu’s ongoing state visit to Singapore.