The Maldivian government has announced plans to establish a new state-owned enterprise to tap into the business of transshipment and re-exporting.
The decision was announced by Economic Minister Mohamed Saeed in a post on X on Monday night.
In the post, Saeed congratulated President Dr. Mohamed Muizzu on the decision to form the new company – the Maldives Industrial Development Free Zone (MIDFZ).
According to Saeed the MIDFZ will be a 100 percent state-owned enterprise that will focus on “economic diversification, ensuring economic security and tapping into the business of transshipment and re-exporting.”
He did not provide any further details.
Congratulations President Dr @MMuizzu on the decision to form a 100% state owned compamy - Maldives Industrial Development Free Zone to focus on economic diversification, ensuring economic security and tapping into the business of transshipment and re exporting. pic.twitter.com/Fuug9CDfy7
— Mohamed Saeed (@em_saeed) January 1, 2024
Planning and arranging the construction of a transshipment port in the greater Male’ area and initiating the works for the project is part of the current administration’s ‘Hafuthaa 14’ roadmap.
President Muizzu has also pledged to initiate a project to develop a transshipment port with bunkering services in L. Gaadhoo – a protected island – within the first 14 weeks of his administration.