- The government plans 10 state-backed resorts within 36 months to boost Maldivian ownership in tourism.
- A portion of resort profits will be distributed equally to citizens via annual foreign currency payments.
- AgroNat will become a MIFCO subsidiary, and a new market will serve fishermen and farmers.
The government plans to develop 10 state-backed resorts within the next 36 months under an initiative intended to increase Maldivian ownership in tourism and distribute part of the industry’s earnings directly to citizens.
President Dr Mohamed Muizzu said during a press conference on Monday that 10 islands had already been designated for the resort projects. The resorts will be developed through a state-owned enterprise, although the government has yet to disclose the selected islands, required investment or development model.
Under the proposed arrangement, a significant portion of the profits generated by the resorts will be distributed equally among Maldivian citizens through annual payments in foreign currency.
The initiative was previously announced during the President’s annual address to the People’s Majlis. It is based on the government’s position that Maldivians should receive a more direct share of the income generated from the country’s natural assets and tourism industry.
Further details have not been provided on when construction will begin, how the resorts will be financed, what proportion of profits will be distributed or how payments will be administered.
The President also outlined changes involving Agro National Corporation Limited as part of the government’s wider economic restructuring. AgroNat will become a subsidiary of Maldives Industrial Fisheries Company Limited, with the arrangement intended to maintain its operations and support agricultural development and food security policies.
MIFCO will also operate a new local market providing fishermen and farmers with a venue to sell their produce. Further details about the location, management and expected opening of the market were not announced.
The government also plans to submit legal amendments during the third session of Parliament to accelerate the resolution of smaller financial disputes and civil cases involving large businesses.
The President additionally addressed questions concerning recent amendments related to income tax and foreign exchange transactions.
