Government Plans 100-Hectare Special Economic Zone for State-Owned Re-Export Operations

President Mohamed Muizzu announced the establishment of a 100-hectare Special Economic Zone (SEZ) aimed at economic diversification through a re-export entity, during the Velana International Airport development project inauguration on Thursday, signalling the administration’s commitment to expanding the nation’s commercial capabilities.

London, England, United Kingdom – March 15, 2024 —

In a strategic move to bolster economic diversification and enhance the Maldives‘ position in the global market, President Mohamed Muizzu has announced the creation of a 100-hectare Special Economic Zone (SEZ) dedicated to re-export activities. This declaration was made during the inauguration event of the Velana International Airport development project.

Minister of Economic Development and Trade, Mohamed Saeed, highlighted the administration’s decision to establish a fully state-owned enterprise, the Maldives Industrial Development Free Zone, aimed at fostering economic diversification. This entity will focus on transshipment and re-exporting activities, tapping into the strategic location of the Maldives for international trade.

President Muizzu further specified that Thilafushi Island and its adjacent reclaimed land would be designated for re-export activities, with the vision of transforming it into an international SEZ. The initiative seeks to leverage various opportunities to position the Maldives as a key player in the re-export sector.

The newly formed company will engage in producing raw materials and food products indigenous to the Maldives, aiming to boost the country’s revenue through international exports. Five state-owned enterprises, including the State Trading Organization (STO), Urbanco, Maldives Ports Limited (MPL), Maldives Transport and Contracting Company (MTCC), and Maldives Airports Company Limited (MACL), will be key stakeholders in this venture.

Minister Saeed assured that necessary resources such as land, staff, capital, and additional assets would be allocated to the company in the forthcoming weeks, laying the groundwork for a significant leap in the Maldives‘ economic development and international trade capabilities.

About the company: TheMaldives.co.uk

Contact Info:
Name: Peter Joseph
Email: Send Email
Organization: TheMaldives.co.uk
Website: http://www.TheMaldives.co.uk

Video URL: https://youtu.be/wcM-Z2Tmdn0

Release ID: 89124343

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