The government is actively pursuing a multi-pronged strategy to diversify the nation’s import channels and shield the economy from the ripple effects of the ongoing conflict in the Middle East, Minister of Economic Development and Trade, Mohamed Saeed has said.
The Minister announced the accelerated initiative during the weekly press conference convened by the national ministerial committee tasked with mitigating the impact of the ongoing conflict in the Middle East, emphasising the administration's commitment to ensuring stable access to basic food items and other essential goods.
Minister Saeed reported that while maritime imports have not yet been significantly disrupted, the government is proactively seeking new partnerships and transport routes to mitigate potential future risks.
He highlighted the positive development of increased cargo movement and the resumption of more direct flights from the United Arab Emirates since 4 March as a step in the right direction.
“We are looking at the countries that import the most basic commodities to the Maldives and making arrangements to import them from other markets. This work is being carried out faster than ever and progress is being made,” he explained.
He specifically named India, China, Thailand, Malaysia, Vietnam, and Indonesia as key targets for establishing new trade relationships, which would create alternative shipping lanes for critical supplies.
Beyond food security, the government is also addressing challenges in the construction industry and is engaged in discussions with sea vessel operators through the State Trading Organization (STO) to guarantee smooth logistics.
Further efforts include plans to increase national fuel storage capacity and a promise of continuous, close monitoring of international commodity price fluctuations to inform local policy.
The overarching goal, as outlined by Minister Saeed, is to fortify the nation’s economic security against global instability.