The Maldivian government has set its sights on launching a new state-owned enterprise focusing on transshipment and re-exporting. Economic Minister Mohamed Saeed took to social media platform X to reveal this strategic move on 1st Jan 2024.
Saeed praised President Dr. Mohamed Muizzu for greenlighting the establishment of the Maldives Industrial Development Free Zone (MIDFZ). This 100 percent state-owned venture aims at bolstering economic diversification, fortifying economic stability, and exploring the transshipment and re-exporting sphere.
While specifics were not disclosed, Saeed’s announcement hinted at the MIDFZ’s overarching objectives. The immediate focus remains on materializing a transshipment port in the greater Male’ area, aligning with the administration’s ‘Hafuthaa 14’ roadmap.
Notably, President Muizzu has pledged an ambitious timeline, aiming to kickstart a transshipment port with bunkering services on the protected island of L. Gaadhoo within the initial 14 weeks of his tenure.