Minister of Economic Development and Trade Mohamed Saeed has expressed optimism that the Government’s expanding support for small and medium enterprises (SMEs) will mark a turning point for local businesses, describing the period ahead as a potential “golden age” for the sector.
Speaking on the second episode of Tharujamaanaa Eku, a programme hosted by the Chief Spokesperson of the President’s Office Heena Waleed, Saeed said President Mohamed Muizzu has directed authorities to address long-standing operational challenges faced by traders, particularly the lack of proper warehousing facilities.
According to the Minister, consultations are underway with relevant government agencies to establish dedicated warehouse infrastructure for SMEs in key commercial centres, including Addu City, Kulhudhuffushi City and the Malé region. He said improved access to storage and logistics is essential to reducing costs and improving competitiveness for small businesses.
Saeed acknowledged that the SME sector has for years been burdened by structural weaknesses and administrative confusion. He noted that shortcomings under previous administrations had left some businesses unpaid for work completed for the State, placing severe strain on their finances. The current administration, he said, has begun efforts to clear outstanding dues owed to SMEs involved in government projects.
Highlighting broader reforms, Saeed pointed to the introduction of a system guaranteeing fishermen payment within 48 hours of delivering their catch. He said the mechanism, now recognised by all relevant institutions, has improved cash flow in the fisheries sector and enabled fishermen to access bank financing more easily.
Support has also been extended to farmers, with arrangements made for the wholesale purchase of produce through the State Trading Organization. In addition, following Cabinet discussions, plans are in place to develop a nationwide logistics network through Maldives Ports Limited, linking regional harbours across the country, excluding major city ports.
Saeed said President Muizzu has identified this year and next as a period of intensified focus on SMEs, with expanded incentives and targeted support to accelerate growth. He expressed confidence that these measures would create a more stable and enabling environment for entrepreneurs.
The Minister also recalled that President Muizzu met directly with members of the SME community in December 2025 to hear their concerns. Steps are now being taken to address issues raised during those discussions, with the President having declared 2026 and 2027 as years of special concessions for small and medium enterprises.
