Government unveils new policies to facilitate growth of Small and Medium Enterprises (SMEs)

This article is written by MAFI and does not include any work of the team of Corporate Maldives

MAFI commends the policy initiatives by the government to promote and develop the SME business sector which plays a crucial role in providing employment opportunities and is a catalysts for socio-economic progress of the country.

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Government has recently announced its commitment to introduce new SME business facilitation policies with a view of assisting growth and development of SME business sector through legislative reforms and executive actions.

Areas of special focus under the new policies includes changes in the government procurement policies to accord priority to SME businesses for smaller projects not exceeding MVR 2.5 million. Furthermore, tax leniencies and human resource development assistances also form part of the policy package.

The policy changes further aim to improve the quality of services offered to SMEs by government institutions and eliminating bureaucratic procedures that hinder their growth. The government also plans to introduce rewards and recognition initiatives to encourage SME entrepreneurs.

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