By Tourism Minister Ibrahim Faisal has emphasized the crucial role of young people in the future of the tourism industry. Speaking recently, Faisal projected that within the next 20 to 25 years, the tourism sector will be dominated by the youth.
In a move to encourage this shift, the Bank of Maldives (BML), Maldives Islamic Bank (MIB), and the SME Development Finance Corporation (SDFC) have begun introducing tourism financing products. The Ministry of Tourism is also actively working on providing accessible loans with favorable interest rates to support the construction of guesthouses and hotels.
Faisal revealed that discussions are underway with BML, MIB, and SDFC to finalize these loans, expressing hope that the initiative will materialize by the first quarter of next year.
“The government’s objective is to have as many young people as possible investing in tourism,” Faisal said. His overarching goal is to boost the income generated from tourism. He believes that this can be achieved by increasing investments and attracting more tourists to the Maldives. Faisal aims to bring in three to four million tourists within the next five years.
He highlighted the potential impact of the new terminal at Velana International Airport (VIA), noting that it will enhance convenience, attract new airlines, and increase tourist arrivals. Additionally, the Maldives Marketing and Public Relations Corporation (MMPRC) will amplify its marketing efforts, introducing innovative strategies to promote tourism.
Faisal also affirmed his commitment to promoting the Maldives in traditional markets such as China, Russia, India, and across Europe, as well as exploring emerging markets.
A tourism development master plan has been formulated to develop resorts in each province, with an expectation to create between 4,000 and 6,000 new beds per province.
Finally, Faisal called for unity within the industry, stressing that collaboration is key to elevating the country’s tourism sector to new heights. “Political differences aside, we must all work together sincerely to achieve our common goals,” he concluded.