Maldives Production Exhibition 2026 Opens as Government Unveils Budget, Rasmalé Plans and Addu Incentives

The week ending October 29 saw a flurry of major announcements and events in the Maldives, led by the opening of the Maldives Production Exhibition 2026 at Hulhumalé Central Park. President Dr. Mohamed Muizzu inaugurated the exhibition, which features 419 entities showcasing 4,404 products — an 83.5% increase from last year. At a separate ceremony, the President presented awards to top producers. President Muizzu also used several public platforms to outline key economic initiatives. Speaking on 'The Plus' program, he stated that the Rasmalé project, implemented by Eagle Hills, will significantly boost GDP, create 15,000 jobs and feature around 1,500 shops — with priority for Maldivian nationals. In a 'Nation Chat' program, the President said the government has reduced debt and improved the credit rating over the past three years, and that no government funds will be spent on apartments built by Eagle Hills. He also reiterated opposition to Zionism, stating that no Israeli citizen can reside in the country. The government submitted a budget of MVR 59.7 billion for 2027 to the People's Majlis. Finance Minister Hassan Zareer presented the budget, which is MVR 4.5 billion lower than this year's MVR 64.2 billion budget. Expenditures are estimated at MVR 52.6 billion, including MVR 42.7 billion for recurrent costs and MVR 9.9 billion for capital expenses. The primary objective is to lay the foundation for becoming a developed nation, with projected economic growth of 6.8% next year and debt repayment costs reduced to MVR 4.5 billion. In the business sector, President Muizzu announced that state lands in Addu City will be provided rent-free to businesses, and a Special Economic Zone will be designated in Addu with concessions for three years from 2027 to 2029. The China-Maldives Investment Corporation Forum was held with over 100 entities, including more than 40 Chinese companies. The President invited Chinese investors to help transform the Maldives into a developed nation by 2040. Cargo container delivery services began at Thilafushi Port after the government moved the Malé Business Port to Thilafushi to remove obstacles to economic progress. In parliament, the Rules of the People's Majlis were amended to deem resolutions invalid if not approved for consideration prior to debate. The Majlis also approved an increase in allowances for the Speaker (to MVR 95,125) and the Chief Justice. Other events included the inauguration of the third technical training course for the Maldives National Service, and the International Zakat Conference (INZEC 2026) organized by Maldives Zakat House, discussing the role of zakat in building resilient communities.