We believe in business over bureaucracy,"

In his address, President Mohamed Nasheed of the Maldives said his country was now a vibrant democracy after three decades of dictatorship.

Stressing that the Maldives is committed to fiscal prudence under the guidance of the IMF and World Bank, he said the country is open to foreign investments in infrastructure and other areas.

"We are taking bold initiatives targeting financial prudence to bring down budget deficits, encouraging privatisation, public-private enterprises, and cutting out red tapism and bureaucracy. We believe in business over bureaucracy," he said.

Tamil Nadu’s Deputy Chief Minister M.K. Stalin spoke about the state’s success in attracting industrial investments and becoming the third most preferred investment destination of the country.

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