President requests India's assistance to develop digital economy in Maldives

President Dr. Mohamed Muizzu, speaking at the India – Maldives Business Forum in New Delhi today, said that he assumed power with a pledge to bring major changes and reform to Maldives' economy and sought India's assistance to achieve that goal.

The president said that in addition to developing the tourism sector, he wants to further diversifying into key areas such as financial services, maritime and digital economy.

"I stand here today extending a warm invitation to each of you to explore and engage with us in unlocking the immense potential of our economy," he said.

Highlighting that Maldives is moving towards establishing a digital economy, President Muizzu said that the country is proud to have a global technology and innovation leader such as India as a key partner in the journey.

"We look to India's expertise to help us create a robust and secure digital payment ecosystem, particularly through the Unified Payment Interface," he further added.

The president also stressed on India's importance for Maldives' tourism sector, and assured the country is committed to enhancing services to meet their preferences and expectations.

"We look forward to welcoming more visitors from India and strengthening the bonds between our people," he said.

President Muizzu also shared that Maldives now implements an enhanced legal framework and a new Foreign Investment Law, which would provide clarity, certainty, and protection to investors, especially in the tourism sector.

"A key initiative of my administration is the creation of the Maldives International Financial Centre, which is scheduled for launch in the first quarter of 2025. The proposed financial centre aims to create a competitive and business-friendly environment that encourages financial institutions to establish operations in the Maldives, strengthening the country’s financial services sector," he elaborated.

He also said that more business opportunities would be available once the Maldives Development Bank commences operations towards the end of this year.

During the meeting with India's businesses, President Muizzu noted the assistance India has given and continues to give Maldives. He also shared potential business opportunities for Indian businesses in Maldives.