In the past year, important steps have been taken to facilitate the establishment of a digital economy, which will present economic benefits, and a positive impact on the GDP, Minister of Economic Development and Trade Mohamed Saeed has said.
In the past year, important steps have been taken to facilitate the establishment of a digital economy, which will present economic benefits, and a positive impact on the GDP, Minister of Economic Development and Trade Mohamed Saeed has said.
In an interview with Mihaaru News, Saeed said that he believes one of the most important steps that have been taken is branching out into other industries instead of relying solely on tourism as Maldives has done over the years.
While tourism is doubtless an important sector, Saeed believes more can be achieved through exploring other industries as well.
He said that the incumbent government's fiscal strategy was also formulated with this in mind.
"The fiscal strategies for 2025, 2026, 2027 states that revenues will be brough in, or profits sought from international bunkering, digital economy and financial economy. That is the hope," he said.
While offshore bunkering was commenced in September, the ministry is now working on building the necessary harbour and other structures.
"We do accept that we must reclaim land near Hoarafushi and build the harbour. Capital Asia Fund has given a commitment of USD 100 million. Ihavandhippolhu work will commence in the next six months," the Minister revealed.
Saeed said that land would be reclaimed, and necessary offices for bunkering services will be established there, including an international fuel terminal.
The ministry has visited several countries to seek knowledge and learn from their experiences on creating a robust financial centre in the country. In light of what was learned, they have now drafted a related bill and forwarded it to the Attorney General's Office.
"It's a very technical, modern bill. God willing, when this bill becomes ratified into law, Maldives will also have laws that match other regional countries."
Saeed further said that agreements will soon be signed with financial centres of Qatar and Dubai. At the same time, assistance will also be sought from a number of banks in London, he added.
He said that in the establishment of a financial center, there is room to create a dedicated Islamic Finance hub and broaden those services.
In addition to Islamic Financing, Maritime Financing, ship registration and other financial services could be introduced, he noted.
Saeed is also working on commencing work on the Airport Economic Zone and Agricultural Zone within the next year.
Saeed said that the target in all these initiatives is to broaden Maldives' economy and increase revenue. With this, he believes Maldives' GDP can be raised to USD 10 billion by 2028.
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