Minister: President aims to boost Maldives’ GDP to USD 12 billion

Economic Minister Mohamed Saeed speaks at the launch of the VIA development project on January 4, 2024. (Photo/President's Office)

President Dr. Mohamed Muizzu aims to boost the real GDP of the Maldivian economy to USD 12 billion, says Economic Minister Mohamed Saeed.

He made the remark during the launch of a multimillion-dollar project to develop the Velana International Airport (VIA) on Thursday night.

Saeed said the project is aimed at boosting tourist arrivals and cargo, and reducing the price of fuel.

He added that the project is crucial to boosting Maldives’ GDP.

“He [President Muizzu] took office to boost the GDP to USD 12 billion or even higher,” he said.

President Dr. Mohamed Muizzu (R) and Economic Minister Mohamed Saeed (L) attend the launch of the VIA development project on January 4, 2024. (Photo/President's Office)

Saeed said Maldives’ GDP is currently at USD 6 billion.

He said that Maldives needs to boost annual tourist arrivals to four to five million in order to achieve the target.

“The numbers tell us that we need to bring in at least four to five million tourists per annum in order to increase the GDP to USD 12 billion. If we are unable to achieve this, the annual deficit, the state debt, will continue to mount with each passing year,” he said.

Saeed said that it has become clear over the last couple of years the link between Maldives’ GDP and its tourist arrivals.

The project to develop the VIA is set to be conducted over the course of 20 years.