A Step Toward Stronger Institutions: Maldives and Singapore Join Hands on SOE Reform

The Maldives and Singapore have taken a significant step to strengthen bilateral cooperation with the signing of a Memorandum of Understanding (MoU) focused on reforming State-Owned Enterprises (SOEs) in the Maldives.

The MoU was signed on the sidelines of the Maldives–Singapore Business Forum 2025, held during President Dr Mohamed Muizzu’s official State Visit to Singapore. Maldives’ Minister of Finance and Planning, Moosa Zameer, signed the agreement on behalf of the Maldivian government, while Tay Lian Chew, Deputy Chief Executive Officer of the Singapore Cooperation Enterprise (SCE), signed on behalf of Singapore.

The agreement aims to improve the governance, performance, and accountability of Maldivian SOEs by leveraging Singapore’s public sector expertise and international best practices. The collaboration will focus on three core areas:

• Strengthening governance and institutional capacity in SOE management

• Implementing robust performance monitoring systems, including the use of Key Performance Indicators (KPIs)

• Enhancing financial management, operational efficiency, and the adoption of global corporate standards

According to the Ministry of Finance and Planning, the partnership will support key development programs in the Maldives by establishing a framework for long-term, strategic cooperation between the two countries.

The MoU is expected to play a central role in the Maldivian government’s broader public sector reform agenda, which seeks to improve efficiency, transparency, and accountability in state-run entities.

Officials from both countries underscored that the agreement reflects a shared commitment to public sector excellence and good governance, and it is expected to pave the way for further cooperation in economic and institutional development.