Minister of Economic Development Fayyaz Ismail has stated land reclamation for the development of the transshipment port in Haa Alifu Atoll will begin this year. He made the remarks during a meeting with the Parliamentary Committee on Economic Affairs.
Ministry of Economic Development has announced it is seeking parties to develop an international transshipment port in Haa Alifu Atoll under a public-private partnership.
Speaking at the committee, Minister Fayyaz noted the low investor interest due to the low returns from the project. The minister said the government has held discussions with port operators but that most businesses wish to complete the project and see returns quickly. However, he said the government plans to make progress on the project even without investors, by working with large state-owned enterprises (SOEs). He said progress on the project can be made slowly but on a long-term deadline with the help of SEOs such as Maldives Transport and Contracting Company (MTCC), State Trading Organisation (STO), and Maldives Ports Limited (MPL).
The economic ministry has stated the port is being developed to cater to the largest cargo ships in the world, with a handling capacity of 1.8 million containers per year, and an investment of USD466 million will be needed for development.
Haa Alifu Atoll is located in close proximity to the primary international shipping routes across the east and west. Therefore, the economic ministry stated the atoll is an ideal location for the development of a transshipment port, which will help major shipping lines across the world to broaden their operations in South Asia. The ministry further stated the development of the port will significantly boost the economy of the Maldives through the establishment of an economic hub in the north and facilitate the development of multiple sectors and open a wide array of job opportunities for locals.