Minister of Economic Development and Trade, Mohamed Saeed, has announced the launch of bunkering services in Ihavandhippolhu, Haa Alifu Atoll, slated to begin before the end of July. Speaking at a campaign rally held at the main office of the People’s National Congress (PNC), Minister Saeed emphasised that while previous governments have discussed diversifying the Maldives’ economy, tangible efforts to introduce new industries are now being realised.
The initiative to start bunkering services in Ihavandhippolhu aims to establish a new industry in the Maldives and is progressing rapidly. Minister Saeed revealed that the government has acquired two tankers from the State Trading Organisation (STO) to launch these services within six months. Coordination with the Maldives National Defence Force (MNDF) is underway to update navigation charts. Additionally, ongoing efforts are focused on securing necessary resources, ensuring environmental safety, and implementing preventive measures against potential issues. Minister Saeed assured that preparations would be completed within a month, projecting an increase in productivity worth USD 400 million by July next year. This increase is expected to significantly boost the country’s Gross Domestic Product (GDP), currently at USD 6.5 billion, contributing to economic diversification.
Furthermore, Minister Saeed announced that 40 jobs have been created for the bunkering service so far. He also highlighted that the initiative will enhance small businesses and employment opportunities.
In addition to the bunkering services, the government plans to build a commercial harbour in Gaadhoo, Laamu Atoll, which will include bunkering services and logistics facilities. An agreement has already been signed with a Chinese-based company to develop the Laamu Atoll Integrated Maritime Hub project.
The launch of bunkering services and the development of a commercial harbour in Laamu Atoll represent significant steps towards diversifying the Maldivian economy and creating new opportunities for growth and employment. As preparations continue, the government remains committed to ensuring the success and sustainability of these initiatives, paving the way for a more resilient and diversified economic future for the Maldives.
