Small and medium-sized enterprises (SMEs) account for over 90% of the Maldivian economy. Given their critical contribution to the economy, President Dr. Mohamed Muizzu’s administration is actively working to foster the growth of these businesses. President Muizzu has stated that the government’s policies will be structured to advance businesses at all levels, including small and medium-sized enterprises. Significant efforts are currently underway in this direction.
One of the most prominent grievances among small and medium-sized businesses has been the lack of a suitable platform to sell their products and insufficient market access. To address this concern, the current government has facilitated opportunities for Maldivian entrepreneurs to sell their products on Alibaba, one of the world’s largest international e-commerce platforms.
As part of this initiative, an initial informational workshop was held in collaboration with Alibaba, specifically for Maldivian business owners. This workshop aimed to provide essential information and guidance to entrepreneurs interested in selling their products on Alibaba. Following this, an online store for Authentic Maldives, operated by the Business Center Corporation (BCC)—a company established by the government to promote small and medium-sized enterprises—has now been launched on Alibaba. Maldivian products are currently available for purchase through this store, which was inaugurated on the 17th of this month.
BCC announced that its Authentic Maldives store represents approximately 400 suppliers, all of whom have been provided the opportunity to sell their products on the Alibaba platform. Regarding this development, Minister of Economic Development and Trade, Mohamed Saeed, stated that the launch of the Authentic Maldives online store on Alibaba offers over 400 local Maldivian entrepreneurs the chance to showcase and sell their products on one of the world’s largest and most influential online trade platforms.
The Minister further characterized this initiative as a significant achievement for expanding opportunities for Maldivian businesses, empowering entrepreneurs, and promoting authentic Maldivian products globally. He also noted that this serves as an excellent example of the benefits derived from the Maldives-China Free Trade Agreement. The Minister highlighted this endeavor as a perfect illustration of the measures President Dr. Mohamed Muizzu is taking to advance small and medium-sized enterprises. Furthermore, Minister Saeed described it as evidence of the government’s dedication to promoting online commerce, diversifying the economy, and strengthening international relations.
The government is also actively working to advance creative small and medium-sized enterprises. Developing a creative and productive economy is a presidential pledge of Dr. Mohamed Muizzu. He has stated his commitment to ensuring that the creative economy contributes 15% to the nation’s GDP. To achieve this, the largest exhibition to date, named the National Creative Exhibition, was held this year. Through these ongoing government efforts, President Muizzu’s aim is to foster the growth of Maldivian businesses and transform the Maldives into a developed nation by the year 2040.
