President Dr Mohamed Muizzu, upon his Cabinet's recommendation, has decided to establish a company named Maldives Industrial Development Free Zone. This announcement came after deliberations on a proposal presented by the Ministry of Economic Development and Trade during Sunday's Cabinet meeting.
This company will engage in large-scale importation of goods from neighbouring countries and employ a re-export system to optimise profits. The company is a collaborative venture of five state-affiliated companies, namely the Maldives Airports Company Limited (MACL), Maldives Ports Limited (MPL), State Trading Organisation Public Limited (STO), Maldives Transport and Contracting Company (MTCC), and Housing Development Corporation (HDC). The Cabinet also decided that the company would approach the Board of Investment seeking permission to set up free trade zones.
Establishing free trade zones is a primary objective of the company's formation. The company will be responsible for enhancing trade activities and promoting economic diversification. This entails managing import, export, re-export, and processing activities, which are crucial for maintaining economic stability and security.
