The Maldives has secured investment commitments totalling USD 680 million for projects within its Special Economic Zone, Minister of Economic Development and Trade Mohamed Saeed announced, describing the development as a "historical advancement". The investment drive is part of the government's broader objective to attract USD 1 billion to the zone over the next five years.
Speaking at the Maldives–Singapore Business Forum, Minister Saeed reaffirmed a central plank of the administration's economic policy: reducing the nation's reliance on tourism and supporting broader sectoral diversification. "The SEZ portfolio currently presents investment opportunities exceeding USD 680 million across several strategic sectors. These comprise concrete, development-ready projects," the minister stated.
The portfolio includes a major renewable energy project, already granted approval, underscoring the government's emphasis on sustainable infrastructure. Minister Saeed pointed to continued investor interest in other key sectors, particularly tourism, and stressed that these ventures would operate within a stable and transparent commercial framework under Maldivian law.
He also spoke to the enduring ties between Singapore and the Maldives, describing the bilateral relationship as one anchored in mutual respect. Acknowledging Singapore's longstanding role in Maldivian tourism, he credited both Singapore Airlines and private-sector partners for their contributions to the sector's growth.
Wrapping up his remarks, Minister Saeed characterised the partnership between the two island nations as a compelling example of how smaller states can achieve substantial economic progress through long-term cooperation and strategic engagement.