The government intends to establish the Maldives Industrial Development Free Zone (MIDFZ), a new state transhipment company that will have joint ownership by five existing SOEs.
President Dr. Mohamed Muizzu made this decision during a cabinet meeting, aiming for 100 per cent state ownership. The MIDFZ primarily focuses on economic diversification, ensuring economic security, and engaging in transhipment and re-exporting business.
The State Trading Organization (STO), Maldives Ports Limited (MPL), Maldives Airports Company Limited (MACL), Urbanco, and Maldives Transport and Contracting Company (MTCC) will collectively own shares in the MIDFZ. The main goal of the new company is to import more than the country’s domestic needs and re-export to other nations, aiming to generate substantial revenue.
Abdulla Nazim Ibrahim, the principal secretary to the president on public policy, stated in a press briefing that MIDFZ will require at least 100 hectares of land, with Thilafushi and Giraavaru Falhu being considered potential locations. Additionally, the government plans to allocate land from Uthuru Thila Falhu (UTF) for producing food to meet domestic needs and attract investments for the project.
The government’s broader plan, outlined in the ‘Hafuthaa 14’ roadmap, includes planning and constructing a transhipment port in the greater Male’ area. President Dr. Muizzu has also committed to initiating a project for a transhipment port with bunkering services on L. Gaadhoo, a protected island, within the first 14 weeks of his administration.
