President Muizzu Affirms MSMEs as Vital Engines of Sustainable Economic Growth

President Dr. Mohamed Muizzu has emphasized the pivotal role of Micro, Small, and Medium Enterprises (MSMEs) in driving the Maldives’ economic transformation and long-term development goals.

In a message shared on his official X account to mark International MSMEs Day, the President reaffirmed his Administration’s commitment to supporting small businesses through inclusive financing mechanisms and expanded market access. He stressed that MSMEs are fundamental to the country’s efforts to diversify its economy and transition into a developed nation by 2040.

President Muizzu pointed to Maldives Expo 2025 as a major platform designed to empower MSMEs, enabling them to engage with new markets and discover broader opportunities for growth. He said this aligns with this year’s MSMEs Day theme: “Enhancing the Role of MSMEs as Drivers of Sustainable Growth and Innovation”—a message he noted reflects the country’s vision for inclusive and resilient development.

The President highlighted the unique role MSMEs play in preserving the Maldives’ cultural identity and strengthening local communities, particularly in traditional sectors such as fisheries and emerging creative industries. He referenced the government’s Creative Economic Strategy, which aims to increase the creative sector’s contribution to 15% of GDP by helping small enterprises turn cultural assets into economic value.

Dr. Muizzu also noted recent government-backed initiatives such as the MVR 100 million start-up loan scheme, which has supported over 350 women-led businesses. Additional measures include flexible SME financing and targeted loans aimed at improving financial inclusion in island communities.

In conclusion, President Muizzu praised the resilience, creativity, and entrepreneurial spirit of local business owners, pledging continued support for knowledge-sharing, innovation, and international partnerships to help MSMEs thrive.