The Maldivian government has announced a major economic relief package tailored for micro, small, and medium enterprises (MSMEs), headlined by the complete removal of import duties on raw production materials starting January 1 next year. President Dr. Mohamed Muizzu officially unveiled the initiative during the opening ceremony of the "Maldives Expo 2026," underscoring the administration's strategic drive to lower operational overheads and foster domestic manufacturing.
In addition to duty exemptions, local entrepreneurs will gain vital access to international trade revenue through the Bank of Maldives (BML) gateway starting next month. Under this arrangement, small businesses will be able to receive direct payments in US Dollars from global transactions, addressing a persistent foreign exchange constraint and opening avenues for international eCommerce.
The government also announced the establishment of dedicated tax-free zones aimed at accelerating small enterprise growth across the atolls. The initial rollout will launch in Addu City as a three-year pilot project, testing decentralised economic incentives designed to stimulate regional commerce, production facilities, and self-sustaining industrial clusters.
These measures complement the national Youth Entrepreneurship Financing Scheme, a 1 billion Rufiyaa financing facility aimed at helping emerging business owners launch and expand ventures. The President revealed that the first phase of the initiative has already disbursed over 300 million Rufiyaa in credit facilities across more than 3,000 local businesses nationwide.
With the second phase of the 1 billion Rufiyaa loan scheme scheduled to open applications in November, officials anticipate that combining accessible capital, tax holidays, and zero-tariff raw materials will substantially boost private-sector productivity and encourage sustainable economic diversification across the Maldives.