Small island countries can only be developed sustainably by empowering private businesses, President Dr. Mohammed Muiz said today.

Speaking at the High-level Closing Ceremony of the SIDS Global Business Network (GBN) Forum 2024, held at Antigua and Barbuda, President Muizzu said the private sector plays an important role in keeping the economic engines of small island countries running and implementing development policies. The country will grow if the private sector grows along with the public sector, he said.

The President emphasised the need to promote investments in micro, small, and medium enterprises (MSMEs) and young entrepreneurs. He also stressed the importance of facilitating easier cross-border trade and protecting the intellectual property rights of MSMEs while ensuring a regulatory environment that encourages investment, innovation, entrepreneurship, and sustainable development.

President Dr Muizzu articulated the need to prioritise inclusivity and empower local communities to enhance connectivity between businesses and governments. He added that this connection can leverage the strengths of both sectors to achieve common goals, from infrastructure development to disaster risk reduction, and is particularly important in SIDS, where islands are dispersed.

Concluding the speech, the President emphasised that the Antigua and Barbuda Agenda for SIDS can only be achieved when the governments of SIDS partner with the private sector and prioritise the private sector in efforts to realise resilient and inclusive prosperity for all.

This event was organised by the Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries, and Small Island Developing States (OHRLLS).