Creative Economy Strategy Launched to Support Maldivian Entrepreneurs

Maldives Minister of Economic Development and Trade, Mohamed Saeed, recently announced that there are currently over 400 online businesses operating in the country. He emphasized the government’s commitment to improving online access for these businesses during the launch of the Strategy and Fund for Creative Economy.

Saeed highlighted the potential for growth if Maldivian online creators can gain visibility on global platforms like Google, Amazon, and YouTube. He assured that the government is working on facilitating revenue generation through these channels, aiming to boost the local economy.

A key aspect of this initiative is the anticipated introduction of PayPal services in the Maldives. The Minister expressed optimism that PayPal will soon enable cross-border transactions, a move that he believes will greatly benefit creative youth and online entrepreneurs.

During the launch event, eight strategic initiatives and 78 commitments were unveiled to establish a robust creative economy. The Business Centre Corporation (BCC) announced a new fund aimed at providing financial assistance ranging from MVR 50,000 to MVR 300,000 for Maldivian inventors and creators.

Saeed pointed out that many local creative productions are ready for international markets but lack the necessary exposure. He affirmed that the Economic Ministry is actively working to provide that access, emphasizing the viability of a digital creative economy despite the small population.

Additionally, Saeed mentioned that the Free Trade Agreement with China, effective from January next year, will further facilitate local product exports. He also noted plans for future legislation on patents and copyrights, which would offer enhanced protection for creative works, ensuring a supportive environment for Maldivian entrepreneurs.