President Dr. Mohamed Muizzu has revealed plans to create the Maldives International Finance Services Authority. This announcement was made during the launch of the multimillion-dollar project aimed at developing the Velana International Airport.
President Dr. Muizzu highlighted that this new authority would be a crucial initial step towards attracting international financial centers to operate within the Maldives. Efforts are already underway, with the Maldives Monetary Authority (MMA) and other relevant institutions actively working on its establishment.
“The Maldives International Finance Services Authority will pave the way for international financial centers in the Maldives. The necessary legislative framework for this initiative will be formulated by the Parliament,” stated President Dr. Muizzu during the announcement. Further discussions on this matter are expected at the upcoming Cabinet meeting scheduled for Sunday.
This decision follows a recent move by the Cabinet to establish the Maldives Industrial Development Free Zone (MIDFZ), a 100 percent state-owned enterprise. MIDFZ aims to focus on economic diversification, ensuring economic security, and engaging in transshipment and re-exporting businesses. The company will be co-owned by five existing state-owned enterprises: State Trading Organization (STO), Maldives Ports Limited (MPL), Maldives Airports Company Limited (MACL), Urbanco, and Maldives Transport and Contracting Company (MTCC).
These strategic moves indicate the Maldives’ commitment to fostering economic growth, attracting international investments, and diversifying its economic activities.