President Muizzu Pledges New Support to Boost Resilience of Small Businesses

President Dr Mohamed Muizzu has committed to strengthening the Maldives' small business sector, promising targeted efforts to help local entrepreneurs build greater economic resilience. The President made these remarks during the fourth episode of 'Rayyithunge Adu,' a public engagement programme designed to allow citizens to raise concerns and share views directly with the head of state. During the session, a veteran bakery operator serving Haa Dhaalu, Haa Alif, and Shaviyani atolls highlighted the systemic pressures facing local producers. The entrepreneur, who has operated for a decade, explained that while global commodity prices have surged, local retail prices have remained stagnant, severely eroding profit margins. Beyond pricing, the business owner pointed to high overhead costs for fuel and electricity as primary barriers to growth. A critical point of contention is the competitive disadvantage local producers face against cheaper, tax-free imported goods. Because local bakeries must import raw materials, they cannot compete on price with finished imported products like packaged biscuits and bread. Despite these challenges, the business owner praised the current administration as the most supportive for small enterprises to date, specifically citing improved funding availability and streamlined systems for foreign worker quotas. President Muizzu assured the entrepreneur that these concerns would be carefully considered as the government shapes its economic strategy. He expressed confidence that the small business sector will continue to progress through strategic interventions. To facilitate this growth, the Business Centre Corporation (BCC) is currently reviewing regulatory frameworks to introduce necessary reforms. These efforts align with the government's broader objective of establishing a productive, digitally-driven economy that reduces dependency on imports and empowers local producers.