Tourism & Connectivity: Maldivian has opened a Beijing office as it expands in China, which accounts for 19% of tourist arrivals so far this year. Tourism Taxes: Parliament has accepted a bill to repeal the tax on foreign tour operators and booking platforms, following industry opposition to a measure expected to raise MVR 1.6 billion annually. Business Compliance: MIRA has set phased deadlines for tourism businesses to integrate with its Green Information System, while the MMA says foreign-exchange conversions are due by October 28. SME Finance: BML plans to launch a payment gateway on November 1, allowing small businesses to accept overseas payments in US dollars. Public Spending: A parliamentary committee is reviewing state health insurance, including Aasandha, to find a more sustainable and equitable system. Trade Links: Maldives and Pakistan have agreed to pursue $200 million in bilateral trade within two years and plan direct flights.
AGP Executive Report
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Tourism Tax: Parliament has accepted a bill to repeal the tax on foreign tour operators and booking platforms, weeks after it took effect. The government had forecast MVR 1.6 billion in annual revenue, but industry opposition prompted the reversal. Foreign Exchange: The MMA reminded businesses with foreign-currency earnings to meet conversion requirements by Wednesday; resorts must deposit 40% of monthly forex earnings with local banks. SMEs and Local Business: A new Maldives Expo opened with 780 participants showcasing local products. The government has also named Addu the first economic zone, offering businesses tax and rent relief, while BML plans to let MSMEs receive overseas payments in US dollars from November 1. Trade and Investment: During President Muizzu’s Pakistan visit, the countries signed 20 agreements and set a two-year target to raise trade to $200 million, with direct flights also planned. Maldivian officials have meanwhile pitched tourism, infrastructure, fisheries and renewable-energy opportunities to Kuwaiti investors. Rasmale’ Deal: Parliament rejected a bid to disclose terms of the proposed Eagle Hills project, which reportedly grants the developer 500 hectares on a 99-year lease. Public Spending: Opposition MPs say proposed official pay increases would add MVR 40 million a year as the budget deficit stands at MVR 4.5 billion.
Local Business: Maldives Expo 2026 opened in Hulhumalé with 780 participants registered and 4,404 products on display, showcasing the growth of local makers and businesses. Investment: A Maldivian delegation has promoted opportunities in tourism, infrastructure, fisheries and renewable energy to Kuwaiti investors, highlighting incentives including tax exemptions and streamlined licensing. MSME Payments: BML plans to let small businesses receive overseas customer payments in US dollars through its gateway from November 1, opening a new route to international sales. SME Support: Addu City will become the first economic zone, with three years of business concessions from January, including tax and rent waivers; the government also plans to offset taxes against overdue payments to businesses. Trade Links: During President Muizzu’s Pakistan visit, the countries signed 20 agreements and set a goal of $200 million in bilateral trade within two years, with cooperation spanning sectors including food, pharmaceuticals and tourism. Public Finances: Opposition MPs warn approved salary increases for senior officials would add MVR 40 million a year in spending as the budget deficit stands at MVR 4.5 billion.
MSME Support: From 1 November, BML’s payment gateway will let small businesses accept overseas payments in US dollars. Addu has also been named the first economic zone, with three years of tax and rent concessions for eligible businesses. Public Finances: Opposition MPs say approved pay rises for senior officials will add MVR 40 million in annual costs, as the budget deficit stands at MVR 4.5 billion. Trade and Connectivity: Maldives and Pakistan have signed 20 agreements and set a two-year goal to lift trade from about USD 13.9 million to USD 200 million; direct flights are also planned. Tourism and Climate: IUCN warns that 96% of tropical and subtropical reefs face a high risk of collapse within 50 years, threatening the reefs that underpin Maldivian tourism, fisheries and coastal protection.
SME Relief: Addu City will become the Maldives’ first special economic zone, with three years of rent, business and income tax relief for SMEs from January. The government will also offset taxes against payments it owes small businesses. Digital Payments: From 1 November, SMEs can accept US-dollar payments worldwide through BML’s gateway, easing a barrier for local exporters and service providers. Trade Links: The Maldives and Pakistan aim to lift annual trade from about USD 13.9 million to USD 200 million within two years. Their 20 agreements span trade, tourism, agriculture and other sectors, while proposed direct flights from Karachi could support business and visitor links. Pakistan has identified food, pharmaceuticals, textiles and construction goods as export opportunities. Public Finances: Finance Minister Hassan Zareer says the government has repaid more than USD 1.4 billion in debt over two and a half years, and that Fitch and Moody’s have upgraded the country’s credit ratings.
Financial Governance: Finance Minister Hassan Zareer says trusted institutions and reliable financial information are vital to the Maldives’ 2040 development goal. He reported more than US$1.4 billion in debt repayments over the past two and a half years, alongside upgrades from Fitch and Moody’s. Digital Payments: DhiraaguPay is offering FDC flat residents a chance to win a month’s rent by paying through the app, part of efforts to expand digital transactions. Pakistan Trade Push: A state visit produced 20 agreements and a business forum, with both countries targeting US$200 million in annual trade within two years, up from about US$13 million. Pakistan highlighted food, pharmaceuticals, textiles and construction supplies; President Muizzu invited investment in infrastructure, logistics and Islamic finance. Direct Karachi–Maldives flights are also planned to support trade and tourism. Tourism Supply Chain: Sri Lankan companies showcased hospitality products and services at Hotel Asia 2026, seeking buyers in the Maldives’ tourism market.
Pakistan Trade Drive: President Mohamed Muizzu’s state visit produced 20 cooperation agreements and a target to lift bilateral trade from about US$13 million to US$200 million within two years. Pakistan also ordered work on direct Karachi–Maldives flights, while Muizzu invited Pakistani firms to invest in logistics, food processing, healthcare and infrastructure. Tourism & Supply Chains: Armenian carrier Shirak Avia plans weekly Yerevan–Malé flights via Muscat from November 14. Sri Lankan companies also used Hotel Asia 2026 to pitch hospitality goods and services to Maldivian buyers. Housing Finance: Applications for government equity assistance for home purchases and construction loans are due to open in November. Financial Security: Police say they recovered MVR 3.1 million—about 59% of reported scam losses—during a three-month international operation.
Pakistan Trade Push: President Mohamed Muizzu’s state visit ended with 20 cooperation agreements and a target to lift bilateral trade from about $13 million to $200 million within two years. Pakistan is exploring direct flights from Karachi, while Maldivian plans a Malé–Karachi service; both could support trade, tourism and business travel. Investment and Exports: Muizzu invited Pakistani firms to invest in infrastructure, logistics, Islamic finance, healthcare and food processing. Pakistan highlighted export opportunities in food, pharmaceuticals, textiles and construction materials. Tourism Costs: The government is moving to scrap the tax on foreign tour operators and booking platforms, a change that could ease costs for travel businesses. Startups: BML awarded MVR 500,000 in grants to two entrepreneurs through its Startup Grant 2026.
Pakistan Trade Push: President Mohamed Muizzu urged Pakistani businesses to invest in the Maldives, highlighting opportunities in cold-chain logistics, food processing and climate-smart agriculture. The countries set a target to raise annual trade from about $13 million to $200 million within two years, backed by 20 cooperation agreements. New Air Links: Maldivian plans direct Malé–Karachi flights, while Pakistan has ordered a feasibility study for services to Karachi or Islamabad. Better air and sea connections are seen as key to growing trade and tourism. Development Planning: A Maldivian delegation in China is studying how to link budgets to long-term development goals as the country prepares its 2040 vision. Tourism and Business: Velana International Airport will move check-in for 10 airlines to Terminal 2 from October 25 to handle winter demand. The government is also moving to scrap the foreign tour operator tax, a potential boost for tourism sales. Bank of Maldives and Dhiraagu have joined Maldives Expo 2026 as banking and digital partners, supporting a showcase for local businesses from October 25 to November 2.
Trade & Investment: The Maldives and Pakistan signed 20 agreements and set a goal to raise annual trade from about $13.9 million to $200 million within two years. Deals span tourism, agriculture, technology and health, with direct flights planned and a business forum aimed at turning commitments into private-sector opportunities. Banking & Remittances: Bangladesh Bank is seeking Maldives Monetary Authority approval to let Bangladeshi banks open local branches and improve formal remittance services for migrant workers. Public Finances: Government salary and wage spending rose 14% to MVR 5.56 billion by mid-August; overall expenditure was MVR 36.4 billion, against MVR 31.9 billion in revenue and grants. Tourism: India’s High Commissioner and MATI discussed stronger travel ties. Indian arrivals reached 95,449 by October 14, about 5.8% of visitors this year. Investment Climate: Debate continues over Eagle Hills’ proposed Rasmale’ development, with opposition lawmakers seeking disclosure of commercial terms for the project.
Pakistan Trade: The Maldives and Pakistan signed 20 agreements covering trade, health, education, agriculture, technology and tourism, and set a goal of raising annual trade from $13.9 million to $200 million within two years. They also agreed to launch direct flights, while a business forum aims to connect companies and investors. Tourism: A bill would remove the 17% GST on tourism services sold by overseas operators without a local base and refund tax already collected. Velana International Airport will shift check-in for 10 airlines to Terminal 2 from October 25, adding capacity for the winter season. Public Finances: Government salary spending rose 14% to MVR 5.6 billion, while total expenditure exceeded revenue by MVR 4.5 billion in figures reported through August 15. Rasmale’ Investment: President Muizzu says the project could create 14,000 permanent jobs and 54,000 jobs during development; the proposed development’s terms remain under parliamentary debate.
Trade and Investment: The Maldives and Pakistan signed 20 agreements covering trade, technology, health, tourism and other sectors, and set a goal of lifting bilateral trade from about $13 million to $200 million within two years. Direct flights are under discussion, while a business forum is intended to connect companies and investors. Tourism Tax: A bill would remove foreign travel agencies and booking platforms without a local establishment from the tourism GST, and require refunds for tax collected since October 1. The repeal is not yet final. Airport Capacity: Velana International Airport will move 10 airlines’ international check-in to Terminal 2 from October 25, adding capacity ahead of the winter travel season. Small Business: Bank of Maldives is offering two startup grants of MVR 500,000 each, plus a year of business support; applications close November 10. Rasmale’ Project: President Muizzu says the development could attract USD 30 billion in investment and create 14,000 permanent jobs, though these are projected figures.
Tourism Tax: The government has asked Parliament to repeal the 17% GST on overseas travel agents, tour operators and booking platforms, reversing a measure that took effect on October 1 after industry objections. The government had forecast MVR 1.6 billion in annual revenue from the tax. Pakistan Visit: President Mohamed Muizzu’s state visit includes a Pakistan–Maldives Business Forum and talks on trade and investment; agreements are expected, but none are confirmed as signed. Trade: Sri Lankan hospitality suppliers are pursuing opportunities in the Maldives, seeking to supply hotels and resorts with food, furniture, technology and other services. Startup Support: BML is accepting applications for its 2026 grant, offering two entrepreneurs MVR 500,000 each plus a year of business support; the deadline is November 10. Financial Stability: India has agreed to roll over a currency swap facility worth about USD 320 million, providing continued financial support to the Maldives.
Tourism Tax: The government has introduced a bill to repeal the 17% GST on services from overseas booking platforms and travel agents, reversing the tax less than a month after it took effect. Pakistan Trade: President Muizzu has arrived in Pakistan for talks on trade and investment; a business forum is planned, with cooperation agreements expected. Energy Investment: The government signed an MoU for a 15-MW solar system and 15-MWh battery storage project with a Chinese company. Fisheries Infrastructure: A Malaysian firm will build 11 island ice plants, each with 30-tonne production capacity and 50-tonne storage. Financial Stability: India has approved a rollover of the Maldives’ currency swap facility, worth about $320 million.
Pakistan Trade: A Maldives–Pakistan business forum is planned during President Muizzu’s October 20–22 state visit, with trade and investment opportunities on the agenda and agreements expected. Fisheries Investment: The government has contracted Malaysian firm Altus Oil & Gas to install ice plants on 11 islands, each with 30-tonne daily capacity and 50-tonne storage. Renewable Energy: A Chinese company will help develop a 15-MW solar system and 15-MWh battery facility under a new government MoU. Corporate Governance: STO topped the CMDA’s review of eight listed firms, scoring 97.5% compliance against a 92.9% market average. Foreign Exchange: The MMA fined MS Finance MVR 500,000 and suspended its licence for breaching money-changing rules. Currency Support: India has rolled over a roughly US$316 million swap facility, extending repayment time for the Maldives but not providing new funds.
Foreign Exchange: The Maldives Monetary Authority fined MS Finance MVR 500,000 and suspended its currency-exchange licence for regulatory violations, as authorities step up action against illegal dollar trading. Food Waste: A UN report estimates that the Maldives wastes about 260kg of food per person each year, the highest rate globally—a costly challenge for food security. Pakistan Visit: President Mohamed Muizzu’s October 20–22 state visit will include a Pakistan–Maldives Business Forum focused on trade and investment, with bilateral agreements expected. Financial Support: India has rolled over a currency-swap facility worth about US$316 million, giving the Maldives more time to repay existing financing rather than adding new funds. Debt Outlook: Finance Minister Hassan Zareer says upcoming repayments are manageable, citing revenue, Sovereign Development Fund contributions and plans to reduce spending. Housing Finance: Four financial institutions have joined government equity-support schemes offering up to MVR 200,000 to build a home and MVR 250,000 toward an eligible purchase.
Trade & Investment: President Mohamed Muizzu’s October 20–22 visit to Pakistan will include a business forum and talks on trade and investment, with agreements expected as the countries mark 60 years of ties. Housing Finance: The government has signed deals with four financial institutions for first-home equity support, offering up to MVR 200,000 to build and MVR 250,000 to buy. Public Finance: Finance Minister Hassan Zareer says upcoming debt payments are manageable, citing Sovereign Development Fund contributions and efforts to raise foreign-currency inflows. India has also approved a rollover of the Maldives’ INR 30 billion currency-swap facility, worth about USD 320 million. Currency Regulation: The central bank fined MS Finance Exchange MVR 500,000 and suspended its licence for illegal foreign-exchange trading. Food Security: The government says reducing reliance on imports is a priority; more than 90% of food is imported, including about USD 60 million in fruit and vegetables annually.
Trade and Investment: President Mohamed Muizzu’s Oct. 20–22 Pakistan visit will include a business forum aimed at expanding trade and investment, with agreements expected across several sectors. Financial Stability: India has approved the rollover of the Maldives’ ₹30 billion currency-swap drawdown, worth about US$320 million, giving the country continued access to liquidity support. Rasmale’ Project: The government says Eagle Hills leases will not renew automatically and foreign parties will not own land, with all arrangements subject to Maldivian law. Tourism and Growth: The Maldives is targeting 2.5 million visitors as tourism enters a new growth phase; the economy grew 2.4% in August. Food and Water Security: More than 90% of food is imported, including about US$60 million in fruit and vegetables annually. MWSC is studying subsea desalination near Malé, a system that could reduce energy use if proven viable locally.
Financial Stability: India approved the rollover of the Maldives’ INR 30 billion currency swap, extending access to rupee liquidity under the 2024–27 framework. Trade and Investment: President Mohamed Muizzu’s October 20–22 visit to Pakistan is expected to produce about 12 agreements, with talks covering trade, investment, tourism and direct flights. Infrastructure: MWSC is studying whether an underwater desalination plant near Malé is technically and commercially viable. Economic Pulse: The economy grew 2.4% year on year in August, led by financial services, retail and real estate; official reserves fell to USD 547 million by September’s end, while state spending rose 18% to nearly MVR 36 billion. Tourism: The Maldives is targeting 2.5 million visitors as the sector enters a new growth phase, while Fuvahmulah won MIB’s top guesthouse-tourism award and MVR 500,000 for a community project.
Economic Growth: Maldives’ economy grew 2.4% year-on-year in August to MVR 9.64 billion, led by financial services, trade and construction. Hospitality remained the largest sector, but grew just 0.7%. Financial Stability: India approved a rollover of the Maldives’ INR 30 billion currency-swap facility, effective October 23, to support liquidity. Public Finances: Official reserves fell to USD 547 million at September’s end, while state spending rose 18% to nearly MVR 36 billion and subsidy overspending topped MVR 1.37 billion. Tourism: The country is targeting 2.5 million visitors as it plans airport expansion and new resorts, while tourism tax earnings were down 1.5%. Investment and Fisheries: New foreign-investment rules are tightening oversight, and MIFCO raised its skipjack tuna purchase price to MVR 22.75 per kilo. A study also found fishers receive only a small share of premium prices for sustainably sourced seafood.
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