Gov’t Pledges to Expand New Industries Despite Economic Challenges

The Minister of Economic Development and Trade, Mohamed Saeed, has reiterated the Maldives government’s commitment to diversifying its economy by establishing new industries, despite anticipated challenges. 

This statement was made during the signing ceremony of a framework agreement advancing the Maldives Economic Gateway (MEG) Project.

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Reflecting on the nation’s economic journey, Minister Saeed highlighted the introduction of the tourism industry nearly 50 years ago. He noted that, despite initial scepticism and obstacles, consistent efforts have transformed the Maldives into a leading global tourism destination. He stressed that similar dedication would be essential to successfully introduce and develop new industries.

Minister Saeed expressed concern over what he described as missed opportunities under the previous administration to diversify the economy. He reinforced President Dr. Mohamed Muizzu’s vision to broaden the economic base, citing it as crucial for sustained national progress.

As part of these diversification efforts, the current administration has recently introduced bunkering services in the Maldives, with additional large-scale development projects underway. The government’s plans are expected to drive both economic and financial growth in the coming years.