Maldives Reaffirms Private Sector as Key Driver in 2040 Development Vision

The Minister of Economic Development and Trade, Mohamed Saeed, has emphasised the importance of private sector growth in achieving the Maldives’ goal of becoming a developed nation by 2040.

Speaking at the opening of the Maldives-Malaysia Business Forum 2025, held in conjunction with President Dr Mohamed Muizzu’s official visit to Malaysia, the Minister said the forum underscored the growing trade and investment ties between the two countries. He noted that the event serves as a platform for private enterprises to explore new opportunities for collaboration and economic engagement.

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Minister Saeed highlighted that the Maldives is currently well-positioned in terms of development and that the government is pursuing a strategic roadmap aimed at realising President Muizzu’s vision for national transformation. He reiterated that continued private sector progress remains essential to this goal.

He also referred to the recent passage of a foreign investment law, which aims to safeguard investors through enhanced legal protections and ensure transparent business practices. The Minister said this framework is designed to attract foreign capital and contribute to the country’s economic advancement.

The forum is expected to facilitate direct engagement between investors from both countries, further strengthening trade links and encouraging future economic cooperation.

Malaysian Minister of Investment, Trade and Industry, Tengku Zafrul Aziz, also addressed the forum. He observed that trade between the Maldives and Malaysia had grown by four percent in 2024 compared to the previous year, and expressed optimism about the opportunities the forum presents for the business communities of both nations.

Minister Tengku noted Malaysia’s leading role in the global halal industry and pointed to potential investment opportunities for Maldivian stakeholders in halal food production and sales. He also acknowledged the increasing presence of Malaysian brands in the Maldives, reflecting the deepening bilateral commercial ties.