Maldives economy remains strong, Special Envoy Waheed assures investors

Former President and special envoy of the President Dr Mohamed Waheed Hassan has assured investors of Maldives’ strong and resilient economy, speaking at the Maldives Tourism and Investment Forum held in New York.

Addressing an audience of investors and tourism industry leaders, Waheed highlighted the country’s transformation from a geographically isolated, resource-scarce nation into a globally renowned tourism destination achieved through “endurance, patience, and adaptability.

Reflecting on the Maldives’ economic trajectory, Waheed said that international institutions once deemed the country highly vulnerable to global shocks, particularly in the wake of the 2008 financial crisis.

However, the Maldives’ swift recovery following the Covid-19 pandemic, he said, had defied those predictions are a result not of chance, but of “Maldivian exceptionalism, determination, and clarity of purpose”.

Waheed also spoke about "Vision 2040", the national development strategy launched by President Dr Mohamed Muizzu, which aims to achieve developed nation status by the 75th anniversary of the Maldives’ independence.

As part of this strategy, the country is shifting from a mono-sector economy to a diversified and globally competitive one.

He highlighted plans to redefine the financial sector, including the creation of the Maldives International Financial Centre, underpinned by a modern regulatory framework. He also discussed government efforts to develop sustainable urban centres and strengthen the fisheries sector through export-oriented reforms.

Dr Waheed assured that Maldives’ economy remains strong and cited the forecast by the International Monetary Fund, which projects 5 percent economic growth in 2025.

He emphasized the government’s commitment to building an economy that “safeguards sovereignty, upholds dignity, and empowers future generations”, and encouraged investors to see the Maldives as a strategic and open market in Asia.

“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.