President Dr Mohamed Muizzu has called on all to focus on long-term visions and strategies in our pursuit of ensuring economic independence and self-determination. He made this appeal in his address to the nation given in the official ceremony to mark the 59th Independence Day of the nation.
In his address, the President spoke extensively on his vision to diversify the economy. As such, he shared the administration’s plans to strengthen the economy and minimize the economy’s dependence on tourism sector.
The President also announced that operations to start international bunkering services will commence next month. He estimated that within the first year of operations, the service is expected to contribute US$ 400 million to the GDP. This, he said, will alleviate national debt, increase state earnings, and create jobs.
The President also looked at the administration’s plans to strengthen agricultural sector in the country, specifically increase the amount of organic material grown in the country.
He also announced the administration had received a proposal to create a solar city. This solar city, he said, will generate 100 megawatts of energy. The Greater Male’ Region, he added, required a maximum of 150 megawatts of energy, noting that this solar city will greatly address the energy needs in the Greater Male’ Region.
President Dr. Muizzu also announced development paths for individual businesses. He indicated that the Free Trade Agreement signed with China will be implemented before end of September. Once implemented, 298 items from fisheries sector will be declared duty free, and an additional 7,897 value added items will also be declared duty-free. This, he said, is a golden opportunity for entrepreneurs and businesses.
He also announced that work was underway to instate an FTA with Turkey, which would grant duty-free status to 53 items. This FTA would also open up Turkey market to the Maldives.
The President also noted that FTA agreement discussions were underway with the UK and India.
