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Maldives up for Major Maritime Investments: Presidential Address 2024

Maldives up for Major Maritime Investments: Presidential Address 2024

“We will develop ports in all islands of the Maldives.” In the Presidential Address today, President Dr. Mohamed Muizzu outlined ambitious plans to transform the Maldives into a major maritime hub, unveiling a series of port development projects across the island nation.

The centerpiece of this maritime development plan is the creation of a Maldives Economic Gateway in Ihavandippolhu, envisioned as a comprehensive hub featuring banking facilities and an international port. This gateway is intended to serve as a critical entry point for trade and investment, bolstering the Maldives’s role in regional and global commerce.

Further addressing the nation’s maritime infrastructure, President Muizzu announced the establishment of an international trade port in Thilafushi, located in the Malé Atoll. This strategic addition aims to streamline trade flows and enhance the Maldives’s capacity to handle larger vessels and cargo volumes.

Recognizing the importance of financial services to support this maritime expansion, the President also revealed plans to initiate banking services in L.Gaadhoo. This move is expected to facilitate investment and business activities across the archipelago, fostering economic growth and development in outlying regions.

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President Muizzu acknowledged the significant investments required to realize these ambitious plans, expressing confidence that the returns will be substantial. “Each of these ports and each service is a major investment,” he said. “These will hopefully increase Maldives’ income many times over.”

MMJ News Desk
Author: MMJ News Desk

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