President Dr Mohamed Muizzu has announced special measures for Addu City over the next three years to support the development of small and medium-sized businesses, including the provision of special concessions.
The President made these remarks this morning while delivering the Presidential Address at the first sitting of the first session of the 20th People’s Majlis for the year.
In his address, the President outlined a range of measures aimed at developing small and medium-sized businesses, including the designation of specific areas for such ventures and the introduction of special concessions. In this regard, Addu City, including the areas of Addu Hulhudhoo and Addu Meedhoo, has been identified as the first focus of this initiative, with a three-year programme set to commence on 1 January 2027.
The President announced that the legal, administrative, and technical aspects of the initiative would be addressed within this year. He added that the expected outcomes include the growth of the small and medium-sized business sector, increased employment opportunities, and the overall development of Addu City and the nation.
The President called on partners and collaborators to utilise this opportunity, with the aim of ensuring that Addu City becomes the nation’s IT hub.
The Administration has designated this year as the “Year of Innovation”. The President stated that the objective is to ensure that every citizen becomes a productive member of society and plays a direct role in the nation’s economic well-being, with the overarching goal of achieving developed-nation status by 2040.