Minister of Economic Development Fayyaz Ismail has stated the priority after the impact of COVID-19 is to diversify business operations in the Maldives.
Speaking to PSM News, Minister Fayyaz said the Maldives and its economy have been heavily impacted by the COVID-19 pandemic, adding the country is faced with significant challenges moving forward. However, the minister said the economy could be revived if the administration formulates a long-term plan to overcome the effects. In this regard, he said economic diversification is a part of the plan by the administration in efforts to reduce the country's dependence solely on tourism.
Furthermore, the economic minister said the country needs to invest and operate businesses in other sectors. Fayaz said the National Task Force on Economic Resilience formulated by President Ibrahim Mohamed Solih is preparing and planning for ways to diversify businesses in the Maldives. As such, he stated business laws must be revised to employ more Maldivians in senior positions and ensure better pay for locals. He also remarked on the importance of strengthening the financial sector of the country to ensure capital for businesses.
The economic minister said the country has never been faced with such dire times in the past as the economy has collapsed. He said it will take another two years to reach the economic developments the country had seen before COVID-19.