The government is confident that Singaporean stakeholders would expand their involvement in the Maldives, particularly in areas deemed critical to its economic development, Minister of Tourism and Environment Thoriq Ibrahim has said, as the government seeks to strengthen its investment relationship with Singapore by promoting opportunities in tourism and renewable energy.
Speaking to PSM News after the Maldives-Singapore Business Forum, held during President Dr Mohamed Muizzu’s official visit, Minister Thoriq affirmed the government’s commitment to fostering a favourable climate for foreign investment.
Over 200 investors and business leaders participated in the forum, which provided a platform to outline the country’s diversified portfolio of investment prospects. Among the key sessions was a panel discussion where Minister Thoriq addressed emerging opportunities, particularly in tourism.
According to the minister, some 31 tourism development projects are planned across multiple atolls, including Haa Alif, Haa Dhaalu, Shaviyani, Thaa, Laamu, and Addu City. These ventures signify a substantial expansion of the nation’s hospitality infrastructure, intended to accommodate shifting global preferences. Included among these priorities is halal tourism, a segment Minister Thoriq described as gaining traction, with active efforts underway to strengthen its presence in the Maldives.
Singaporean investors, he noted, are already active in the Maldives’ tourism industry and other commercial sectors. The forum, he added, is expected to prompt further capital inflows and encourage existing stakeholders to broaden their engagement. “Based on the information received by Singaporean investors through this forum, additional investments will be channelled into the Maldives,” the minister stated. “I also believe that those currently invested in the Maldives will expand their existing commitments.”
Among the forum’s headline developments was the signing of a contract for the Maldives’ first Special Economic Zone (SEZ) initiative, a 100-megawatt floating solar photovoltaic (PV) installation named ‘Solar City’. The contract was awarded to APM SPV Pvt. Ltd., a special purpose entity incorporated in the Maldives to undertake the project. Minister Thoriq said groundwork is expected to begin promptly, with completion targeted within two years.
Designated under the SEZ framework, the Solar City initiative marks a landmark in the country’s renewable energy efforts. It has received direct support from President Muizzu, who authorised administrative facilitation to accelerate implementation. As specified in the presidential resolution confirming its SEZ status, the installation is set to take place east of Kuda Bandos, within the greater Malé region.