The state’s procurement policy has been revised to prioritize Small and Medium Enterprises (SMEs) in awarding contracts valued below MVR 5 million.
The revisions to the policy on prioritization in procurements by state offices were published on the Government Gazette on Wednesday night.
The policy now states that state offices must prioritize qualified SMEs that score the highest in awarding procurement contracts valued under MVR 5 million.
Another amendment dictates that priority in awarding procurement contracts valued under MVR 5 million must be given to bidders that are from the island where a project is being carried out, if the difference in the prices quoted by them and the highest-ranking bidder overall falls below 10 percent.
It also states that of the SMEs that submit bills, priority will also be given to Maldivian businesses.
Finance Ministry said the changes are designed to boost the involvement of SMEs in state procurement transactions, and facilitate greater opportunities and sustainable growth.