Minister of Economic Development and Trade, Mohamed Saeed has revealed the rationale behind the launch of offshore bunkering services, citing significant benefits for the Maldives. He made the comments in the ceremony held to inaugurate these international bunkering services in the country.
Addressing criticisms regarding the offshore bunkering initiative, Minister Saeed explained that onshore services can only be sustained with adequate demand. He emphasised the Maldives stands to gain substantially from offering offshore bunkering services and effectively promoting them. The minister expressed optimism that this development would facilitate smoother trade and business activities within the region.
Minister Saeed highlighted the strategic geographical advantage of the Maldives, noting that even attracting a small fraction of the 300 vessels that traverse the area could yield considerable benefits. He underscored the potential for expanding service offerings as a result.
Additionally, the minister acknowledged Vitol Bunker's confidence in the Maldives and their partnership with the State Trading Organisation to launch these services within a short timeframe. He also mentioned that Vitol Bunkers has committed to further investments in the Maldives. Minister Saeed commended President Dr. Mohamed Muizzu for his initiatives aimed at promoting industries and sectors that contribute to economic diversification in the nation.