New administration aims to boost tourism revenue to USD 6bn

Economic Minister Mohamed Saeed speaks to press on November 20, 2023. (Photo/President's Office)

President Dr. Mohamed Muizzu’s administration aims to boost annual tourism revenue from USD 4.5 billion to USD 6 billion, says Mohamed Saeed, the Economic Minister and co-chair of the Visitor Economic Council.

Speaking to reporters on Monday about the newly established Visitor Economic Council – which focuses on diversification of the Maldivian tourism sector – Saeed said the council will have short-term, medium-term and long-term targets.

He said the targets will be shared with relevant ministries and institutions for a collective effort to develop the Maldivian tourism sector.

Saeed said the Maldives’ GDP is USD 6 billion – out of which around USD 4.5 billion are generated from the tourism sector.

“The president himself has one very short-term target – that is to boost the aforementioned USD 4.5 billion to USD 6 billion in tourism revenue,” he said.

Economic Minister Mohamed Saeed speaks to press on November 20, 2023. (Photo/President's Office)

“That is from pushing the total GDP ceiling by just targeting tourism. So, this will increase considerably with other sectors.”

Saeed said that though tourism remains the main pillar of the Maldivian economy, President Muizzu wishes to introduce other related sectors. He said that government ministries will focus on diversifying the economy, and lessen the reliance on a single sector.

Saeed said the several countries have had success with Visitor Economic Council.

He said the council will produce two outcomes; providing Maldivian with access to good services at affordable rates, and securing a sustainable revenue stream, managing cashflow at a sustainable level, and making Maldives a developed nation.