A well-developed domestic capital market with broad participation will strengthen the Maldivian economy and enhance financial security for the public, Minister of Finance and Planning Moosa Zameer said on Wednesday.

Speaking as the Chief Guest at the Maldives Finance Forum 2025, organised by the Maldives Pension Administration Office, the minister noted that the country’s financial system remains heavily dependent on banks despite year-on-year economic growth. He said banks alone cannot meet the financing requirements of infrastructure, trade, housing, tourism and the emerging blue economy.

The minister stressed the need to strengthen domestic revenue systems and reduce reliance on foreign aid and loans to achieve sustainable development. He added that public finance alone is insufficient to cover the costs of development projects.

The minister said a strong capital market was essential for mobilising long-term savings, broadening financing opportunities and contributing to economic growth. He called for the introduction of diverse investment products, including bonds, sukuk, and green and blue bonds aligned with sustainability goals, to improve access to finance.

He emphasised the importance of ensuring capital market access for small and medium enterprises and women-led businesses.

The minister said these objectives could only be achieved through joint efforts by the government, regulators, private companies, institutional investors and the public. The growth of the capital market must be a shared responsibility, he added.