Minister of Economic Development and Trade, Mohamed Saeed, has emphasised the Maldives’ committed to economic diversification despite the challenges.

Speaking at the signing of a framework agreement with Singapore-based Capital Asia Investment Company to develop the Maldives Economic Gateway Project in Ihavandhippolhu, Minister Saeed drew parallels to the introduction of tourism in the Maldives over 50 years ago, which initially faced doubts but is now a global success.

He highlighted President Dr Mohamed Muizzu’s vision to elevate the Maldives' economy by tapping into emerging sectors, including recent ventures like bunkering services, with further development projects on the horizon.

Minister Saeed noted that while previous governments may have considered expanding the economy, tangible steps were never taken. As such, he underscored that the administration is resolute in leveraging these new opportunities to drive financial and economic development across the Maldives