Maldives targets USD6 billion in annual tourism revenue, Economic Minister Mohamed Saeed Discloses

Mohamed Saeed, Minister of Economic Affairs and Co-Chairman of the Visitor Economic Council, has announced the government's goal to increase the Maldives' current tourism revenue to USD 6 billion.

Saeed mentioned that tourism continues to be the main economic sector in the Maldives, but President Muizzu aims to introduce and attract other related industries. Saeed also mentioned that several ministries have implemented policies to diversify the economy's sectors beyond tourism and its sole focus.

Minister Saeed announced at a press conference held at the President’s Office today that the Visitor Economy Council will take a long-term, medium-term, and short-term approach. Saeed also stated, “We aim to enhance the country’s tourism sector by distributing the objectives resulting from these initiatives to ministries and institutions.”

The tourism sector adds around $4.5 billion to the country's $6 billion GDP, as per his statements. Minister Saeed elaborated that the President's immediate goal is to surpass the $4.5 billion mark and raise tourism earnings to $6 billion.

“This is due to the fact that the existing total GDP ceiling exclusively pertains to the tourism industry,” Saeed stated that several nations have achieved success through the establishment of visitor economy councils.

Saeed stated that two objectives are achieved. This means that tourists can enjoy activities that adhere to international standards, while locals can access top-notch services at affordable prices. At the same time, the main goal was to build a prosperous country with a consistent income stream by generating diverse revenue sources, he explained.