Managing Director of State Trading Organisation (STO) Hussain Amr has stated it aims to internationally expand the business of its subsidiary Maldives State Shipping (MSS).
Speaking to PSM News, Managing Director Hussain Amr said STO aims to expand into untapped markets in the Maldives and allow the private sector to dominate the now thriving markets in the country. As such, he said STO is providing the opportunity for private companies to operate their businesses at the supermarket.
He also said MSS has become a profitable company within a short period of time and that a 45,000-tonne vessel will be brought to the Maldives next month to expand the business. He said the new vessel will be the largest in the fleet and will allow MSS to transport construction material, adding that the company will also purchase an additional container ship.
Furthermore, Managing Director Amr said STO's shipping line will greatly benefit the Maldives by retaining foreign currency within the country and maintaining the price of goods by continuing to transport shipments between Male' and Colombo, Sri Lanka. He said STO is working hard to develop the shipping business in order to expand it internationally. He added that STO expects to increase its revenue with MSS as well as minimise the cost of importing goods using foreign shipping lines.