Small island states can serve as labs for innovation and tech: Maldives prez | India News
Maldives President Mohamed Muizzu called upon Small Island Developing States (SIDS) to pivot away from being framed solely by climate vulnerability and isolation, while also urging global leaders and private sector partners to view island economies as dynamic “laboratories for innovation”.Delivering a keynote statement at the opening ceremony of the Small Island Developing States Global Business Network (SIDS GBN) Forum 2026, Muizzu outlined an economic modernization plan aimed at turning geographic constraints into digital and strategic advantages.With the global dialogue surrounding small island nations focused on their acute climate risk, geographical isolation, and structural economic constraints, Muizzu stressed that vulnerability represents only half the story.“For too long, the story of Small Island Developing States has been told primarily through the lens of vulnerability. The other part is our determination. Our scale can become an advantage. SIDS can serve as laboratories for innovation and incubators for ideas, technologies, and solutions,” he said.The president’s address focused on the Maldives 2.0 agenda, designed to leverage technology to overcome the traditional barriers of an archipelagic state. Under this strategic initiative, the Maldivian government aims to expand its digital and creative sectors, setting a target for these industries to account for 15 percent of national GDP by 2030.“We have identified the digital economy and digitalisation as central to advancing our economy. Through our Maldives 2.0 agenda, we are working to use digital connectivity to overcome the limitations of geography and scale — making government and financial services more accessible, enabling businesses to operate more efficiently, and connecting Maldivian enterprises and talent to global markets,” said Muizzu.The Maldives is enhancing financial technology accessibility for micro, small, and medium enterprises (MSMEs). Key measures include launching homegrown digital payment platforms such as BML Swipe and expanding international gateway integration through services like PayPal.Muizzu also announced plans for the country’s first Trade Acceleration Zone, set to launch by January 1, 2027, to incentivize enterprise development and fast-track commercial growth.While reaffirming the Maldives’ commitment to attracting international capital through a modernized foreign investment framework, Muizzu stressed that foreign partnerships must align with national interests. New legal safeguards have been introduced to protect domestic commerce by reserving specific commercial activities strictly for local entities, ensuring economic growth directly benefits Maldivian citizens, he stressed.
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Muizzu called upon international investors, technology companies, and global financial institutions to establish concrete commercial partnerships with small island states. He reiterated the Maldives’ commitment to implementing the Antigua and Barbuda Agenda for SIDS (ABAS), urging global stakeholders to bridge the gap between initial innovation and sustainable commercial financing.
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