Economic Minister Mohamed Saeed has revealed that USD 680 million in investments has already been committed to projects under the Special Economic Zones (SEZs), with the government aiming to attract up to USD 1 billion in total.
Speaking at the Maldives Invest Forum, which began in Singapore on Tuesday as part of President Dr. Mohamed Muizzu’s ongoing state visit to the country, Minister Saeed said a first-phase permit has already been granted for SEZ investors.
He added that SEZ investments would have exceeded USD 680 million with the signing of the first SEZ project, ‘Solar City’, during the Investment Forum.
“…this shows historical developmental progress and the road to achieve USD 1 billion mark,” he added.
Speaking further, Minister Saeed emphasized that over the past 16 months, President Muizzu has made substantial efforts to tackle key economic challenges in the Maldives and implement vital reforms to resolve them.
He highlighted some of the economic targets which the President hopes to achieve, such as increasing Maldives’ GDP to MVR 150 billion by 2028 and raising GDP per capita to USD 17,000.
Noting that the President aims to transform Maldives into a developed nation by 2040, Minister Saeed said the goal will be pursued through a 20-year development plan crafted by the government.
The Minister underscored the importance of securing USD 1 billion in investments for SEZs over the next five years in order to achieve the said goals.
He expressed gratitude to Singaporean businessmen who had invested in the development of Maldives over the past 50 years while extending an invitation to explore newly announced investment opportunities.
Since assuming office, the current administration has held investment forums in several foreign countries seeking investors for various government projects. They include housing projects such as Rasmale’.
Despite the government's new economic initiatives and the launch of new companies, growing concerns remain over the slow progress of major projects.