Minister of Economic Development and Trade, Mohamed Saeed, has said that the Maldives’ newly launched bunkering services are already proving to be profitable, with ongoing efforts to expand operations and attract investment. He also stated that the recent tariff changes introduced by the United States are not expected to have any direct impact on the country’s fish exports.
Speaking at a press conference held at the President’s Office, Minister Saeed highlighted that offshore bunkering services began in September 2024, managed by the State Trading Organization (STO) in partnership with Swiss-based Vitol. According to the Minister, the administration moved ahead with the initiative despite the absence of a dedicated port, to avoid delays and begin generating revenue. The service, he said, is on track to meet the government’s projected profit of around MVR 400 million.
Minister Saeed noted that the specific revenue figures are held by STO, but reiterated that the project is financially sound. Previous statements issued in November indicated that the state had already earned USD 1.5 million from the service. He also dismissed reports of any setbacks, stating that development is progressing as planned.
As part of the long-term strategy, a port facility is under development in Ihavandhippolhu Atoll as part of the government’s Economic Gateway Project. An off-port area in the north has already been established to accommodate current operations, and a law on international bunkering is being drafted. Minister Saeed added that the administration is also working on financial instruments to support businesses involved in the sector.
In response to concerns about the potential impact of the United States’ new tariff policy, Minister Saeed stated that the baseline tariff imposed on Maldivian fish products is 10 percent—relatively low compared to other exporting countries. He affirmed that there has been no observed loss to the Maldives following the policy change.
However, the Minister acknowledged that decisions by major global economies could affect global supply chains and lead to inflationary pressures. He said the government is actively monitoring the situation and taking steps to cushion the Maldivian economy from any indirect consequences.
To ensure long-term resilience, Minister Saeed said the Maldives is focusing on expanding its export markets. He cited the Free Trade Agreement with China and the Preferential Trade Agreement with Türkiye as examples of strategic partnerships aimed at securing better market access for Maldivian products.
