President Dr Mohamed Muizzu extended a formal invitation to Indian businesses to explore investment opportunities in the Maldives, outlining a bold economic agenda that seeks to reshape the nation’s economy and strengthen bilateral ties with India. Addressing the India-Maldives Business Forum in New Delhi, President Muizzu highlighted several key sectors of development, including tourism, finance, digitalisation, and sustainable energy.
In his speech, President Muizzu lauded India’s longstanding support in fostering the Maldives’ economic growth, particularly in infrastructure, healthcare, and education. He underscored the shared progress between the two countries, stating that the Maldives was poised to embark on a new era of development with India as a key partner.
A major focus of the President’s address was the Maldives’ flagship project, Ras-Malé, the country’s first eco-city, which aims to drive urbanisation and transform the capital. “I believe that private investments will continue to play a vital role in elevating our economies,” he said, emphasising the importance of private sector participation in accelerating growth and innovation.
President Muizzu’s agenda includes diversifying the Maldivian economy, which has traditionally been reliant on tourism. His administration has set its sights on expanding into financial services, the maritime sector, and the digital economy. He noted that the tourism sector would remain the highest contributor to the Maldives’ GDP but stressed the importance of diversifying industries to extend wealth across future generations.
One of the cornerstones of this agenda is the creation of the Maldives International Financial Centre, set to launch in early 2025. This initiative aims to position the Maldives as a competitive hub for financial services in the region. President Muizzu also announced the establishment of the Development Bank of Maldives, which will become operational in the coming months, further cementing the Maldives’ financial reforms.
In addition to financial sector development, President Muizzu discussed the country’s commitment to advancing digital connectivity. He reiterated his pledge to boost the digital economy’s contribution to 15% of the Maldives’ GDP by 2030, aiming to modernise payment systems and enhance financial inclusion. He praised India’s expertise in technology and innovation, noting the importance of India’s collaboration in establishing a secure digital payment ecosystem in the Maldives. As a significant milestone, President Muizzu revealed the introduction of the RuPay card service in the Maldives, which is expected to streamline cross-border transactions and enhance e-commerce opportunities for Maldivian businesses.
Climate resilience also featured prominently in the President’s speech, with a pledge to meet 33% of the Maldives’ energy requirements through renewable sources by 2028. He stressed the significance of sustainable development and outlined the government’s initiatives in fisheries and agriculture, two sectors that remain crucial for food security and the livelihood of many Maldivian families. The Maldives Industrial Development Free Zone Company has been established to drive these initiatives.
As President Muizzu concluded his address, he reaffirmed the Maldives’ strong bilateral relationship with India. He expressed confidence that ongoing cooperation between the two nations would unlock new avenues for collaboration, particularly in technology, innovation, and mutual cultural appreciation. “Let us work together towards a brighter future for all,” President Muizzu said, inviting Indian businesses to join in the Maldives’ journey of economic transformation.
