President Solih: Accounting field dominated by foreigners, must foster interest of youths

Noting that the accounting field in the Maldives is dominated by foreign accountants – President Ibrahim Mohamed Solih has called on to prioritize fostering the interest of youths in the field.

Speaking at the inaugurated ceremony of Maldives Accounts Forum 2021 which is hosted by the Institute of Chartered Accountants of the Maldives, President Solih said that accounting and auditing was first introduced in the Maldives approximately 67 years ago.

Noting that the auditing and accounting field has seen major changes over the years, as well as development, President Solih stressed that the field comprises more of foreigners than locals.

“Looking at recent statistics, over 4,500 foreigners work in the Maldivian private sector. 15 percent of the income taxpayers in the Maldives are from the accounting field,” he had said.

President Solih also noted that the development of the Maldivian economy is even at present creating multitudes of job opportunities in the field banking, economy and accountancy.

Therefore, he called on to prioritize training people and fostering the interest of youths in the field at a time where there is a need to expand the role of accountants and auditors.

“Government will render all assistance required by this Institution to train people in this profession. Will also facilitate opportunities to train and develop accountants,” he added.

Speaking further, President Solih highlighted the efforts by his administration to further develop the field.

“A law called Maldives Chartered Accountants Act was formulated and brought into force last year for a very important purpose. That is, further developing the accounting profession and to provide education and training facilities to those who work in the field,” he detailed.

President Solih also highlighted the opportunities which exist to train youths in the field.

“The free degree program initiated by this government is for purpose of developing youths in the technical fields required for the Maldives. Even now, the free degree program includes courses in the accounting field. In addition to this, I assure that this government do everything possible to develop youths in the field through this program under your guidance,” he had said.

Maldives Accountants Forum is a nationwide forum held annually since its inception in 2017.