In a move aimed at bolstering economic security and enhancing national productivity, President Dr. Mohamed Muizzu has given the green light for the establishment of a 100% government-owned company named the Maldives Industrial Development Freezone.
Economic Minister Mohammed Saeed formally announced the decision in a statement released last night.
Expressing his support for the President’s decision, Minister Saeed took to Twitter, stating, “Congratulations President Dr. Muizzu on the decision to form a 100% state-owned company – Maldives Industrial Development Free Zone to focus on economic diversification, ensuring economic security and tapping into the business of transshipment and re exporting.”
The primary objective of the newly approved company is to catalyse the augmentation of Maldives’ national productivity. Despite the approval, the government still needs to disclose specific details regarding the operations and functions of the company. However, it is anticipated that the enterprise will play a pivotal role in transhipment and re-export activities.
As Maldives strives for economic growth, the World Bank projects a 6.5 per cent expansion for the nation’s economy in the current year. Nevertheless, the forecast indicates a potential decline to 5.2 per cent in the following year and a further dip to 5.5 per cent in 2025.