Minister of Economic Development, Transport and Trade Mohamed Saeed has said the Government’s ongoing efforts have made the Maldives a preferred destination in the investment market.
Minister Saeed made the remarks while speaking at the opening ceremony of forums focusing on the business and economies of Small Island Developing States (SIDS).
Highlighting the Maldives’ development journey, Minister Saeed said the country progressed from the list of least developed countries to developing country status by remaining committed to policies that prioritise development. He said the Maldives is now working under the leadership of President Dr Mohamed Muizzu to achieve developed country status, with investors playing an important role in that journey.
As part of this effort, Minister Saeed highlighted the Foreign Investment Act, revised for the first time in 45 years. He said the law provides a clear and trustworthy framework for foreign investment while creating opportunities for Maldivian micro-, small and medium-sized enterprises (MSMEs) to compete and participate in the investment sector.
“Our clear policy is to provide Maldivian businesses, including micro-, small and medium-sized enterprises, with opportunities to compete, participate and grow. We therefore welcome foreign direct investment as a partner in national development, particularly in the digital economy, financial services, renewable energy, fisheries, tourism, health and education. The benefits of these investments must also reach our own people,” Minister Saeed said.
Reflecting this approach, Minister Saeed said investments brought to the Maldives in recent years demonstrate growing confidence in small island economies. He highlighted Google’s “Dhivaru” submarine cable project across the Indian Ocean and the “Ayla Sustainable Township” in Noonu Atoll as some of the largest private-sector investments in the country’s history.
Minister Saeed said investments of this scale have helped establish the Maldives as a preferred destination in the investment market. He added that world-renowned hospitality brands continue to expand their services in the Maldives, demonstrating confidence in the country’s tourism sector and its long-term future.
He also pointed to investment by a world-class technology company, leading hospitality brands and the largest township project in the country’s history as signs of confidence in the major opportunities that a developing Small Island State can offer.
Looking beyond the Maldives, Minister Saeed said island nations need strong frameworks, transparency in governance and an investment-friendly environment to attract international investment. He also called on Small Island Developing States to work together and speak with one voice when engaging with investors.