Maldives to create state transshipment company

President Dr. Mohamed Muizzu chairs a cabinet meeting on December 31, 2023. (Photo/President's Office)

The Maldivian government has announced plans to establish a new state-owned enterprise to tap into the business of transshipment and re-exporting.

The decision was announced by Economic Minister Mohamed Saeed in a post on X on Monday night.

In the post, Saeed congratulated President Dr. Mohamed Muizzu on the decision to form the new company – the Maldives Industrial Development Free Zone (MIDFZ).

Economic Minister Mohamed Saeed (C) is appointed to President Dr. Mohamed Muizzu's cabinet on November 17, 2023. (Photo/President's Office)

According to Saeed the MIDFZ will be a 100 percent state-owned enterprise that will focus on “economic diversification, ensuring economic security and tapping into the business of transshipment and re-exporting.”

He did not provide any further details.

Congratulations President Dr @MMuizzu on the decision to form a 100% state owned compamy - Maldives Industrial Development Free Zone to focus on economic diversification, ensuring economic security and tapping into the business of transshipment and re exporting. pic.twitter.com/Fuug9CDfy7
— Mohamed Saeed (@em_saeed) January 1, 2024

Planning and arranging the construction of a transshipment port in the greater Male’ area and initiating the works for the project is part of the current administration’s ‘Hafuthaa 14’ roadmap.

President Muizzu has also pledged to initiate a project to develop a transshipment port with bunkering services in L. Gaadhoo – a protected island – within the first 14 weeks of his administration.