The Maldives has celebrated its first national awards programme dedicated to micro, small, and medium enterprises (MSMEs), underscoring the central role that home-grown businesses play in the country’s economic future and its tourism-driven marketplace. Organised by the Business Center Corporation (BCC) under the Ministry of Economic Development and Trade, the Maldives MSME Awards 2025 featured 22 categories, with winners selected through a combination of expert panel evaluations and public voting. The ceremony, held at the Maldives Center for Social Education, brought together senior government officials and business leaders, signalling a strong alignment between national economic policy, entrepreneurial development, and the broader resort and tourism ecosystem.
The event was attended by Minister of Economic Development and Trade Mohamed Saeed and Minister of Finance and Planning Moosa Zameer, who served as guest of honour. Minister Zameer presented the three top honours of the night, recognising Nody’s Coffee as Micro MSME of the Year, Loop Craft Pvt. Ltd. as Small MSME of the Year, and Oevaali Art Shop as Medium MSME of the Year. These businesses reflect the diversity and sophistication of the Maldivian MSME landscape, from specialty coffee and lifestyle brands to premium art and design concepts that appeal not only to local consumers but also to resort guests seeking authentic Maldivian experiences and products.
The judging panel also recognised a wide range of enterprises that are contributing to innovation and value creation across multiple sectors. Sinetech Pvt. Ltd. was named Start-Up of the Year, highlighting the growing strength of technology-driven business models. Fahi Govaan received the Green MSME of the Year title in recognition of the increasing emphasis on sustainability and environmentally conscious operations, which are critical for both local communities and the country’s tourism sector. Encreare Pvt. Ltd. secured the Creative MSME of the Year award, while Maya Nasih was honoured as Woman-Led MSME of the Year, reflecting the importance of women’s leadership in the national business landscape. Additional acknowledgements went to Pinet Works Pvt. Ltd., The Gift Basket Maldives, Javaabu Pvt. Ltd., and For the Soul by Himoo, reflecting a mix of design, digital, gifting, and lifestyle offerings that complement the Maldives’ reputation as a high-value destination.
Public voting determined 11 of the awards, further demonstrating strong community engagement with the MSME ecosystem. Businesses recognised through popular vote included Detune Band, The Crystal Company, Meraki, Maldives Music and Arts Center, Lights Out, Mekra Mama, Legacy Fitness, Fatima, Tropical Designs, Thakethi, and Loop Crafts. Together, these enterprises span music and entertainment, wellness, design, and bespoke products, segments that increasingly intersect with resort operations and guest experiences, from live entertainment and creative workshops to curated retail offerings and fitness services. In total, 21 enterprises were honoured during the inaugural ceremony. The BCC confirmed that, based on the success of this first edition, the MSME Awards will be held annually, reinforcing its long-term commitment to recognising and supporting small businesses across the country.
For the Maldivian resort industry, the awards highlight a pipeline of local partners capable of enhancing the guest journey and diversifying the country’s tourism proposition. Brands like Nody’s Coffee and Oevaali Art Shop demonstrate how local MSMEs can provide high-quality, distinctly Maldivian products—from specialty beverages to contemporary art, that add character to resort cafés, boutiques, and public spaces. Creative and lifestyle enterprises such as Encreare, The Gift Basket Maldives, Tropical Designs, and For the Soul by Himoo are well-positioned to collaborate with resorts on bespoke concepts, curated amenities, and personalised gifting services for guests, weddings, and corporate events. Meanwhile, entertainment and performance-focused MSMEs like Detune Band and Maldives Music and Arts Center can enrich resort entertainment programming with local talent, helping properties differentiate themselves in a competitive global tourism market while keeping more value within the local economy.
In his address at the awards, Minister of Finance and Planning Moosa Zameer outlined the administration’s efforts to place the economy on a more sustainable footing, stating that the government is taking decisive steps toward fiscal stability through disciplined expenditure management and a sustained budget surplus. For the first time since 2021, government spending has remained within the approved budget, eliminating the need for supplementary allocations. Minister Zameer reported that the fiscal surplus has been maintained for 40 consecutive weeks, driven by tighter cash flow oversight, reductions in non-essential expenditure such as travel and repair costs, and the timely servicing of public debt. He projected that debt as a share of Gross Domestic Product will decline from 9.9 percent in 2024 to 5.5 percent by year-end, and noted that the Sovereign Development Fund has surpassed USD 100 million for the first time, establishing an important reserve against potential future shocks.
Minister Zameer added that the government is reinforcing its fiscal framework through the National Fiscal Responsibility Act and the National Debt Act, coupled with a developing medium-term debt strategy intended to improve predictability and investor confidence. Central to this approach is a shift toward value addition and Maldivian craftsmanship, with MSMEs identified as critical drivers of long-term growth. To strengthen domestic capacity, 53 companies have been awarded more than 200 projects valued at USD 175.10 million, channelling major development opportunities through local businesses. In addition, a USD 40 million SME Impact Fund has been launched in partnership with the Islamic Development Bank Group, aimed at expanding access to finance. Minister Zameer emphasised that MSMEs must remain the primary beneficiaries of national progress and said that continued investment in digitalisation, infrastructure, and skills development will be essential to keep Maldivian businesses competitive, especially those linked to resort supply chains and service networks.
Minister of Economic Development and Trade Mohamed Saeed also highlighted a shift in the macroeconomic environment, noting that the Maldives has moved from economic depression to stability following Moody’s decision to revise the nation’s credit rating outlook to stable. Speaking at the MSME Awards ceremony, he stated that this development offers renewed confidence to domestic businesses and international investors alike and reflects a turnaround from a period when business sentiment was weak, national assets such as schools and hospitals had been mortgaged, and the country’s rating was significantly depressed. The improved outlook, he added, strengthens the Maldives’ position as an attractive destination for investment in tourism, infrastructure, and enterprise development, providing a more secure backdrop for resort operators and their local partners.
To secure this progress, Minister Saeed outlined several strategic initiatives. The government is advancing a Free Trade Agreement with China, opening access to the world’s largest business market and creating potential new channels for trade, tourism, and hospitality-related investment. Modernisation efforts also focus on digital integration, with work underway in partnership with Ooredoo Maldives to introduce PayPal services early next year, fulfilling a key pledge of President Dr Mohamed Muizzu and enabling MSMEs, including those supplying resorts, to transact more easily with international clients and partners. Support for small and medium-sized enterprises is being further strengthened through intellectual property reforms, with the Maldives joining the Berne Convention and planning to establish a dedicated intellectual property office next year to protect Maldivian brands, designs, and creative content.
Complementing these reforms, the Business Center Corporation has provided USD 3.24 million to 400 businesses under the Authentic Maldives programme, a platform that showcases locally made products to residents and visitors, including through outlets frequented by tourists and resort guests. The Bank of Maldives has also launched a digital SME platform branded ‘Swipe’, streamlining payment and business management solutions for small enterprises. These measures collectively enhance the operating environment for MSMEs, enabling them to integrate more deeply into the tourism value chain, from supplying branded merchandise and artisanal goods to offering specialised services that enrich the overall resort experience.
With the MSME Awards now set to become an annual fixture, the administration of President Dr Mohamed Muizzu is signalling that the future of the Maldivian economy will be built on a closer partnership between government, MSMEs, and the country’s flagship resort sector. By recognising entrepreneurial excellence, tightening fiscal management, expanding access to finance, and modernising the regulatory and digital infrastructure, policymakers aim to ensure that small businesses and creative enterprises are well positioned to support sustainable growth, diversify tourism offerings, and retain greater economic value within local communities across the archipelago.
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