Vice President Stresses the Crucial Role of Small Businesses in Economic Growth

Vice President Hussain Mohamed Latheef has said that small and medium enterprises (SMEs) are the backbone of relevant economic activities and services to the Maldivian economy. He made the comments while launching the Maldives MSME Awards 2025, organized by the Business Centre Corporation (BCC) to recognize SME accomplishments.

Speaking at the event, Vice President Latheef highlighted the importance of SMEs in job creation, innovation and economic development as a whole. He praised the entrepreneurs behind these businesses for their commitment and work in bringing greater success, innovation and resilience to our society, and ultimately our nation while making large personal sacrifices.

He further mentioned that the 21st century has opened new avenues such as art, digital Market and international business which needs requisite skills for entrepreneurship. Acknowledging the work done in support of SMEs, he urged for concerted action to scale-up financial assistance, technical training and legal support to allow them flourish.

With November 17 being the one-year milestone of this administration, Vice President Latheef reminisces on the progress made within just a year and sends a special thank-you for President Dr. Mohamed Muizzu’s promise to developing the Maldives across various sectors. He also thanked Minister of Economic Development Trade Mohamed Saeed for playing a role in fulfilling the president's vision on the economy.

Latheef also said that continued support for SMEs should be in the form of financial assistance and training opportunities, but added there should be less legislative hurdles as well. While congratulating BCC on its ongoing efforts to drive SME development and innovation, he welcomed the launching of the Maldives MSME Awards 2025 as a tool that would honour the successes achieved by these businesses.

Meanwhile, BCC's Deputy Managing Director Saamih Adam said the corporation was important in economic development, adding that BCC has entered markets for more than 500 SMEs. The value of SMEs needs to be recognised so together we can continue to drive the economy forward, he stressed.

The Maldives MSME Awards 2025 shall be an annual-national platform recognizing the achievements of micro, small and medium enterprises, and individual businesses from all across the Maldives. Submissions for the first-ever awards will be accepted from December 1 It seeks to highlight the important contribution Maldivian businesses make to sustainable economic development, celebrating distinctive contributions at both national and global, encouraging higher standards of productivity, skill development and the enterprise and workforce growth within the nation. give a news headline for this.