President Dr. Mohamed Muizzu has said that foreign investments are needed for development projects in Maldives and the economic measures by the Administration will attract foreign investments.

Speaking to the people of HA. Atoll this evening, the President said that senior officials of the International Monetary Fund (IMF) have been appreciating the economic measures taken by the Maldives. he said.

"We need foreign investors. No everything can be done out of the government's budget. We have to open up space for foreign investors and private sector-led investments. We need to attract a variety of big businesses in the country. It cannot be done unless we create confidence in foreign investors," he said.

The President said that no one would have been interested in the eco-tourism project of Baarah if the Administration had choses the easy path and printed money.

"It will assure them that if we go down this path, they will also benefit from their investment in the Maldives and that they will also get growth and their business will also benefit. So, we are in the process of bringing investor confidence back to the country," President Dr. Muizzu said.

The President also noted that the Maldives Industrial Development Free Zone company, comprising five of the largest state-owned companies, will carry out the Maldives Economic Gateway in Ihavandhippolhu.