President Dr. Mohamed Muizzu has affirmed that the government’s policies will be structured to foster the growth of businesses across all levels, with a particular focus on small and medium-sized enterprises (SMEs). His Excellency made this declaration during a meeting held with SME owners. The President stated that the primary objective of this meeting was to gather insights and address the concerns of the business community.
The government has already initiated numerous endeavors aimed at boosting small and medium-sized businesses. As part of these efforts, the Ministry of Economic Development and the Ministry of Homeland Security are actively working to expand the number of business sectors exclusively reserved for Maldivians to 34, thereby preventing foreign nationals from operating in these specified areas. To date, over 30 businesses found in violation have been shut down.
Furthermore, two new laws have been brought into effect to safeguard business products, which will provide international protection for commercial products originating from the Maldives. To mitigate the foreign currency shortage, the Foreign Exchange Act has also undergone amendments. With these changes, banks are now mandated to exchange 20 percent of the foreign currency entering the tourism industry. Additionally, the proportion of foreign currency that banks can disburse to businesses has been increased to 50 percent.
Promoting creative small and medium-sized enterprises is a key presidential pledge of His Excellency. The President highlighted that efforts are underway to ensure the creative economy contributes 15 percent to the nation’s GDP. In pursuit of this goal, the largest exhibition of its kind, the National Creative Industries Expo, was held this year. Through these initiatives, the President’s vision is to transform the Maldives into a developed nation by the year 2040.
