VP Highlights Innovative Economy as Cornerstone of National Development Vision

Vice President Hussain Mohamed Latheef underscored that fostering an innovative economy is a central element of President Dr Mohamed Muizzu’s vision for national development.

He made these remarks at the inauguration of the ‘Maldives MSME Awards 2025’.

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The Business Centre Corporation (BCC) organised the event to recognise the achievements of micro, small, and medium enterprises, as well as individual businesses operating across the Maldives.

The Vice President emphasised the crucial role of small and medium enterprises (SMEs) in the economy, describing them as the backbone of essential economic activities and services. He noted that these enterprises significantly contribute to job creation, innovation, and overall economic growth. Furthermore, he praised the entrepreneurs behind these businesses as dedicated individuals who work tirelessly to advance societal development, resilience, and prosperity, often making great sacrifices for the progress of the nation.

The Vice President also pointed out that in the 21st century, new dimensions such as art, digital markets, and international business opportunities are emerging. To thrive in these areas, he stressed the importance of equipping entrepreneurs with the necessary skills and knowledge to adapt to changing markets. While acknowledging progress in supporting SMEs, he emphasised that more needs to be done, particularly in providing financial assistance, technical training, and legal concessions to encourage their growth.

At the event, the Vice President officially launched the Maldives MSME Awards 2025. These awards aim to highlight the vital role Maldivian businesses play in promoting sustainable economic development. They also seek to recognise outstanding achievements at both national and international levels, encourage productivity and skill development, and foster the growth of the country’s enterprises, workforce, and expertise.