Ilyas Vows to Elevate SMEs in Economic Agenda

Ilyas Labeeb, the presidential contender from The Democrats party, has unveiled his resolute commitment to positioning small and medium enterprises (SMEs) as a cornerstone of the country’s economic framework.

Addressing a gathering during a campaign event, Ilyas underscored the predominant role played by the tourism sector in bolstering the Maldives’ revenue. However, he was quick to highlight that the benefits of this industry aren’t equitably distributed among the nation’s residents. 

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To counter this, he articulated a core element of his manifesto – the provision of financial backing for SMEs, facilitated by a business-friendly policy. His vision includes empowering these enterprises to bolster individual earnings, and he steadfastly pledged to establish SMEs as a pivotal underpinning of the economy.

Delving deeper into the particulars of his business-friendly policy outlined in his manifesto, Ilyas has committed to the complete abolition of the Goods and Services Tax (GST) for small-scale businesses. His promises encompass a broader spectrum, reaching towards the development and progression of small enterprises. 

This includes a notable three-year exemption from the Tourism Goods and Services Tax (TGST) for investors in the tourism sector. Moreover, he emphasised his intentions to amplify opportunities and support mechanisms for taxi drivers. 

His manifesto also encompasses a reduction in travel expenses between Male’ City and the outlying islands, coupled with reforms to enhance the effectiveness of the Aasandha health insurance system.