President Dr. Mohamed Muizzu has announced the government's ambitious plans to boost economic development in Maldives during the opening session of this year's Parliament. In his Presidential Address, President Dr. Muizzu revealed the establishment of a development bank in the country to facilitate international financial transactions and trade.
President Dr. Muizzu also disclosed plans to relocate the existing oil storage facility in Funadhoo, Male' atoll, and set up a dedicated center for international financial transactions. The establishment of the Maldives International Financial Services Authority has been initiated to streamline these efforts.
To further enhance the economic well-being of the citizens, President Muizzu unveiled the largest project in Maldives to date—the Maldives Industrial Development Free Zone. This initiative aims to provide affordable access to essential goods, including food, clothing, medicines, and construction materials, contributing to the prosperity of the people. Additionally, the project will leverage the strategic geographical location of Maldives to introduce re-export processing and value addition activities within the country, enhancing its competitiveness on the global stage, underlined the president.
Addressing the untapped potential of Maldives as an international seaport services hub, President stated the government plans to open an international bunkering and trade port in Ihavandhippolhu Atoll, designating it as the Maldives Economic Gateway. Another international trade port is slated for Thilafushi in Male’ Atoll, with bunkering services set to commence in Gaadhoo, Laamu Atoll. These strategic port developments are significant investments expected to substantially increase Maldives’ income.
President Muizzu expressed optimism that these economic projects will be implemented this year, creating employment opportunities and fostering prosperity among the people.