Maldives open to digital business, president tells India investors

President Mohamed Muizzu delivered a keynote address at the India-Maldives Business Forum in New Delhi on Monday during his ongoing state visit to India.

His address highlighted the partnership between the two nations and outlined opportunities for future collaboration.

President Muizzu recognised India’s support to the Maldives' economic growth and stressed the importance of private sector investments.

He unveiled his government’s agenda for economic transformation, focusing on diversifying beyond tourism into industries such financial services, maritime industries, and the digital economy.

The development of Ras Malé, an eco-city project aimed at transforming the Maldivian metropolis, is one such key initiative.

The president highlighted recent economic reforms, including a new Foreign Investment Law and plans to launch the Maldives International Financial Centre in 2025.

He also announced the imminent operation of the first Development Bank of Maldives.

President Muizzu emphasised the importance of digital growth, aiming to increase the digital economy's share of GDP to 15% by 2030.

He announced the launch of RuPay card services in the Maldives, which will make financial transactions between India and the Maldives easier and more efficient.

He also touched upon the Maldives' commitment to sustainable development, pledging to meet 33% of the country's energy requirements through renewable sources by 2028.

President Muizzu is on a five-day state visit to India, accompanied by First Lady Madam Sajidha Mohamed and a high-level delegation.