Maldives targets $6 billion in tourism revenue by 2027

Tourism Minister Thoriq Ibrahim has stated that the Maldives aims to increase annual tourism revenue to USD 6 billion by 2027, under the fifth tourism masterplan covering the period 2023 to 2027.

Speaking at a press conference held at the President’s Office on Wednesday, Thoriq shared updated statistics on the tourism sector and outlined government initiatives to support the industry’s development.

According to the minister, tourism revenue currently stands at approximately USD 5 billion, with the Maldives Monetary Authority reporting USD 4.23 billion in revenue at the end of the previous year. The government expects the implementation of the current masterplan to raise annual tourism revenue to USD 6 billion over the next two years.

Thoriq noted that guesthouses make up the largest portion of registered tourism facilities in the Maldives. Presently, 816 guesthouses and 175 resorts are registered, along with 156 safari vessels. Resorts account for the majority of beds in the tourism sector, with a total of 43,147 beds.

The government has established a Visitor Economy Council to enhance collaboration among relevant agencies involved in the tourism sector. The council is expected to coordinate efforts aimed at promoting tourism.

Additionally, the government has announced the formation of a Tourism Fund. The purpose of this fund is to strengthen the system for marketing and promoting tourist facilities and related services across the country.