VP Hussain Mohamed Latheef highlighted the importance of SMEs for the country's economy.
Small and Medium Enterprises (SMEs) play a crucial role and are the backbone of essential economic activities and services, said Vice President Hussain Mohamed Latheef, at the inauguration of the Maldives MSME Awards 2025.
Speaking at the event organised by Business Centre Corporation (BCC) to recognise the achievements of micro, small, and medium enterprises, as well as individual businesses operating across the Maldives, the Vice President said that fostering an innovative economy is a central element of President Dr Mohamed Muizzu's vision for national development.
Highlighting the importance of SMEs, he said that these enterprises significantly contribute to job creation, innovation, and overall economic growth. He also praised the entrepreneurs behind these businesses as dedicated individuals who work tirelessly to advance societal development, resilience, and prosperity, often making great sacrifices for the progress of the nation.
VP Hussain said that the current administration, during its first year in power, has brought advancements to the country in various fields. However, he also recognised the need for legal changes to further pave space for businesses to thrive. He also stressed on the importance for more assistance to develop small and medium enterprises and increase their capacity.
The Maldives MSME Awards 2025 will be given out next year, with applications opening on 1st December, 2024.
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