Secured USD 680 million investment, aiming for USD 1 billion: Minister Saeed

Maldives has already secured USD 680 million (MVR 10 billion) in investment for Special Economic Zones (SEZs), Economic Minister Mohamed Saeed said today.

Speaking at Maldives–Singapore Business Forum held in Singapore, Minister Saeed said the country had faced a fragile economic situation with high levels of debt when President Dr Mohamed Muizzu assumed office.

However, he said, the government had taken strong measures over the past 16 months to stabilize the economy and attract foreign investment.

The goal is to bring in USD 1 billion in SEZ investment within five years, Minister Saeed said.

“With the signing of the Solar City project during this forum, we have now reached USD 680 million in SEZ commitments, a major step toward that goal.”

Saeed also outlined President Muizzu’s broader economic targets, which include raising GDP to USD 150 billion by 2028 and increasing per capita income to USD 17,000 by 2030.

The forum was attended by leading business figures from both the Maldives and Singapore. Minister Saeed described Singapore as a key development partner and praised the country’s investors for their significant contributions to Maldives tourism industry.

“It is important to preserve and strengthen this partnership,” he said.

To mark the 50th anniversary of diplomatic relations between the two countries, awards were presented to individuals and business leaders from both nations in recognition of their role in fostering bilateral relations.

Minister Saeed also said that the investment agreement for the Maldives’ first SEZ project valued at USD 187 million was signed during the forum.