In addition to being a major tourism destination, the Maldives aims to become an economic hub in the Indian Ocean, the Minister of Economic Development, Transport and Trade Mohamed Saeed has said.
He made the statement while speaking at the Maldives–Sri Lanka Business Forum, the tenth such forum held as part of a wider series launched by the government of President Dr Mohamed Muizzu.
Highlighting the Maldives’ efforts to position itself as a hub for trade, capital, and innovation, the minister said Sri Lankan companies are already active in sectors like financial services, tourism, transport, manufacturing and fisheries in the Maldives. These business links reflect trust and close relations between the Maldives and Sri Lanka, he said.
Speaking on shared challenges between both countries, Minister Saeed said as small island nations, both Maldives and Sri Lanka face small domestic markets, vulnerability to external economic shocks and the need for economic diversification. These challenges create opportunities for joint work in innovation, trade, and development, he said.
The minister noted that the Maldives has a trade deficit of over USD 166 million with Sri Lanka, indicating high imports of Sri Lankan goods. He said the forum aims to expand trade, increase investment, launch joint projects and strengthen bilateral relations.