Economic Growth Depends on Stakeholder Trust, Says Minister Mohamed Saeed

Economic development in the Maldives is fundamentally underpinned by trust among stakeholders, according to the Minister of Economic Development, Transport and Trade, Mohamed Saeed. The Minister emphasized that in a small society, trust acts as a catalyst for growth, while its absence significantly slows the pace of economic activity. Speaking at the launch of DINAF-48, a fund established by the Dhivehi Investment Nafaa Fund, Minister Saeed highlighted the tourism industry as a primary example of how trust drives business expansion. However, he expressed concern that the trade sector has failed to grow at a similar rate, despite high demand for financing tourism-related assets. “The trade sector does not grow on its own. It exists largely as an industry that supports tourism,” Saeed remarked, noting that the government is actively working to facilitate trade and prioritize support for entrepreneurs who drive national economic progress. The Minister linked these efforts to the broader policy framework of President Dr Mohamed Muizzu. These policies focus on stimulating private-sector investment, creating high-paying employment opportunities, and strengthening the state's medium-term fiscal position and debt sustainability. As evidence of improving economic stability, the government pointed to the recent credit rating upgrade by Fitch. This upgrade is seen as a reflection of growing international confidence in the Maldives' current fiscal measures and structural economic reforms. The newly launched DINAF-48 fund is registered with the Capital Market Development Authority (CMDA). Minister Saeed noted that such investment vehicles are essential for diversifying the Maldives' financial landscape and strengthening the domestic investment sector, providing a structured pathway for capital to flow into productive enterprises.