Govt. opens for investment in major transshipment port in north

The government has announced that it seeking for interested parties to develop an international container transshipment port in the north of the Maldives. 

The Economic Ministry said that the project was targeted to serve the biggest container ships in the world and would see the development of a modern transshipment port. 

The government was targeting to handle around 1.8 million containers per year and the first phase of the project will see the development of a 900-meter harbor. An investment of USD 466 million was required for the project. 

The Ministry added that surveys had shown that the Ihavandhippolhu area where the port is to be developed was in close proximity to major shipping routes from the east to the west. 

Developing such a port would allow the Maldives to compete with major shipping ports in the Asian continent and would allow global container terminal operators shipping lines to widen their operations.

If executed successfully, the project could bring a lot of economic benefits to the Maldives and could see the decentralization policy for the economy implemented with a powerful economic hub in the north. 

The project could also widen and expand other areas and sectors in addition to the introduction of job opportunities for locals. The government, for these reasons, was very much focused on undertaking this project, said the Ministry.