President Dr Mohamed Muizzu has reaffirmed his ambition to transform Maldivian businesses into competitive players in international markets, stressing that the country’s economic aspirations must extend beyond simply participating in global trade.
Speaking at the opening ceremony of the China-Maldives Investment Cooperation Forum, President Muizzu said his administration is working to create opportunities for Maldivian entrepreneurs to expand internationally, strengthen their businesses and compete successfully with established players in overseas markets.
The President highlighted the growing economic partnership between the Maldives and China, describing the relationship as one built not only on diplomatic cooperation but also on the opportunities created for businesses and the long-term benefits delivered to both countries.
He identified the Free Trade Agreement (FTA) between the Maldives and China as a major achievement in bilateral economic relations, providing a framework for expanding trade and opening new opportunities for Maldivian businesses.
According to the President, the agreement has already played an important role in facilitating imports and strengthening commercial exchanges between the two countries.
He revealed that the Maldives imported approximately USD 440 million worth of goods from China between January 2025 and August 2026.
Of this amount, around USD 124 million worth of imports were processed under the preferential arrangements provided by the Free Trade Agreement.
The figures highlight the growing importance of the agreement in trade relations between the two countries, with businesses increasingly making use of the opportunities available under the framework.
The China-Maldives Free Trade Agreement entered into force on January 1, 2025, marking a significant development in economic cooperation between the two nations.
The agreement provides preferential market access for eligible goods and is intended to encourage trade, investment and closer commercial cooperation.
For Maldivian businesses, the agreement presents opportunities to explore the Chinese market, particularly in sectors where the Maldives has established products and specialised industries.
President Muizzu identified fisheries products and locally created goods as areas with potential for expansion into China.
The fisheries industry remains one of the Maldives’ most important domestic economic sectors and a major source of merchandise exports, with Maldivian tuna products reaching markets across different regions.
Expanding access to overseas markets is therefore an important part of efforts to increase export opportunities and strengthen the contribution of domestic industries to the national economy.
The President emphasised that the objective should be to help Maldivian entrepreneurs establish a meaningful presence in international markets rather than limiting their ambitions to participation alone.
He said the government wants businesses to develop the capacity to compete, grow and achieve lasting success beyond the Maldives.
President Muizzu also highlighted the importance of strengthening bilateral relations with China in ways that deliver benefits across Maldivian society.
He said future cooperation should focus on creating opportunities for businesses, supporting economic development and ensuring that the advantages of the partnership extend to communities throughout the country.
Digital transformation was another central focus of the President’s remarks, with the administration pursuing initiatives under its Maldives 2.0 vision to develop a stronger digital economy.
President Muizzu said the introduction and wider integration of digital payment platforms, including Alipay and WeChat Pay, would make transactions more convenient for Chinese visitors while creating additional commercial opportunities for Maldivian businesses.
China is an important tourism market for the Maldives, and access to familiar digital payment services can make it easier for Chinese tourists to spend at local businesses and establishments.
The President said digital transformation offers opportunities that extend beyond tourism, particularly by helping businesses expand their reach and enabling young Maldivians to participate more actively in the economy.
He also highlighted the potential of digital technology to overcome geographical barriers faced by businesses operating across the country’s widely dispersed islands.
For small businesses and entrepreneurs outside the Greater Malé Region, digital platforms can provide opportunities to reach customers, access services and participate in commercial activities without being restricted by physical location.
The President linked these initiatives to his administration’s broader ambition of transforming the Maldives into a developed nation by 2040.
He stressed that achieving this objective would require greater economic diversification and stronger partnerships with international investors willing to contribute to the country’s development.
The Maldivian economy remains heavily dependent on tourism, making the expansion of other productive sectors an important priority for long-term economic resilience.
President Muizzu said China, with its experience in economic development, infrastructure and technological advancement, is well positioned to support the Maldives in achieving its national development goals.
He also acknowledged the contributions of Chinese-assisted development projects implemented in the Maldives, noting that these investments continue to provide benefits to the public.
China has been involved in several major infrastructure developments in the country, including the Sinamalé Bridge, which established the first direct road connection between Malé, Hulhulé and Hulhumalé.
The project remains one of the most prominent examples of infrastructure cooperation between the Maldives and China, significantly improving connectivity within the Greater Malé Region.
President Muizzu said strengthening investment cooperation and expanding economic opportunities would remain important elements of the relationship between the two countries.
He reiterated that the government’s long-term vision is to build an economy in which Maldivian businesses can compete internationally, young people have access to new opportunities and economic growth delivers benefits across the nation.
