Dr. Waheed: Maldivian economy strong; fiscal reforms in progress to attract investment

Special Envoy of the President, former president Dr. Mohamed Waheed Hassan Manik citing that the Maldivian economy remains strong, states fiscal reforms are in progress to ensure long-term stability and create an investment-friendly climate defined by trust and transparency.

He made the remark while speaking the Maldives Tourism and Investment Forum in New York, where he presented a compelling case for investing in the Maldives, underscoring the nation's resilience, ongoing reforms, and ambitious long-term vision.

Dr. Waheed assured investors that the Maldivian economy remains strong, with the International Monetary Fund (IMF) forecasting a five percent growth rate this year. He also noted that fiscal reforms are in progress to ensure long-term stability and create an investment-friendly climate defined by trust and transparency.

He reflected on Maldives’ extraordinary capacity to adapt and endure, noting its evolution from a geographically isolated country with limited natural resources into one of the most iconic travel destinations in the world.

In this regard, he recalled how international institutions once dismissed the Maldives as highly vulnerable to global shocks, particularly after the 2008 financial crisis. He said the nation’s fast recovery following the COVID-19 pandemic overturned those predictions. Dr. Waheed underscored that this was not simply luck but a testament to Maldivian exceptionalism, determination, and clarity of purpose.

Dr. Waheed emphasized that the focus is now in the future, referring to Vision 2040, a national development strategy introduced by President Dr. Mohamed Muizzu. The initiative is aimed at elevating the Maldives to developed nation status by the 75th anniversary of its independence, as part of which the Maldives is reorienting itself from a mono-sector economy to a resilient, diversified, and globally competitive one.

These efforts, as per the former president, include redefining the financial sector, including creating the Maldives International Financial Centre supported by modern regulatory infrastructure. He also noted the government’s initiatives to develop sustainable urban centres and enhance the fisheries sector through export-oriented strategies.

Dr. Waheed stressed that Maldives is focused on building an economy that safeguards sovereignty, upholds dignity, and empowers future generations. 

With these points in mind, he invited forum participants to consider the Maldives a strategic opportunity because it offers one of Asia’s most open and competitive investment markets. He invited global partners to join Maldives on its ambitious journey.

“If you are looking for a jurisdiction that moves with purpose, that is small but serious, that knows its value and invites you to grow with it, then we are ready to welcome you,” he said.