Vice President emphasises importance of small firms in the economy

Vice President Hussain Mohamed Latheef has emphasised the critical role of small and medium enterprises (SMEs) in the economy, describing them as the backbone of essential economic activities and services. He made the remarks during the inauguration of the Maldives MSME Awards 2025. Business Centre Corporation (BCC) introduced the ‘Maldives MSME Awards 2025’, to award small and medium enterprises (SMEs). The award was officially inaugurated by the vice president. Speaking at the event, Vice President Latheef emphasised the crucial role of small and medium enterprises (SMEs) in the economy, describing them as the backbone of essential economic activities and services. He noted that these enterprises significantly contribute to job creation, innovation, and overall economic growth. The vice president also praised the entrepreneurs behind these businesses as dedicated individuals who work tirelessly to advance societal development, resilience, and prosperity, often making great sacrifices for the progress of the nation. Furthermore, Vice President Latheef pointed out that in the 21st century, new dimensions such as art, digital markets, and international business opportunities are emerging. To thrive in these areas, he stressed the importance of equipping entrepreneurs with the necessary skills and knowledge to adapt to changing markets. While acknowledging progress in supporting SMEs, the vice president emphasised that more needs to be done, particularly in providing financial assistance, technical training, and legal concessions to encourage their growth. Highlighting that November 17, marks the one-year anniversary since the current administration took office, Vice President Latheef stated that the past 52 weeks saw development, progress and achievements in various fields. Therefore, he extended heartfelt appreciation to the dedicated efforts of President Dr. Mohamed Muizzu to develop the Maldives in all aspects. He additionally recognised the handwork of the Minister of Economic Development Trade Mohamed Saeed, to bring the president’s vision on the economy, into a reality. Moreover, Vice President Latheef underscored the crucial importance of further assisting SMEs, by providing financial support and training opportunities, while reducing legislative burdens. He highlighted the significance of introducing the Maldives MSME Awards 2025 to recognise the achievements of such firms, and praised BCC for its efforts to develop SMEs and revive an innovative economy. During the event, Deputy Managing Director of BCC Saamih Adam emphasised the efforts exerted by BCC to enhance economic development. Under these efforts, he noted that BCC has found markets for over 500 SMEs. He noted that valuing SMEs was a vital step to accelerate economic growth and development. BCC decided to organise this event as an annual event, to recognise the achievements of micro, small, and medium enterprises, as well as individual businesses operating across the Maldives. The first edition of the award will be open on December 1. The Maldives MSME Awards 2025 aims to highlight the vital role Maldivian businesses play in promoting sustainable economic development. It also seeks to recognise outstanding achievements at both national and international levels, encourage productivity and skill development, and foster the growth of the country’s enterprises, workforce, and expertise.