President Dr Mohamed Muizzu has highlighted the accelerated efforts being undertaken by the Administration to sustainably diversify the Maldivian economy and expand Maldivian ownership and participation in the tourism sector.
The President made the remarks at a press conference held on Monday, where he outlined a range of initiatives and measures being implemented to strengthen and diversify the national economy.
As part of these efforts, the President announced that Agro National Corporation Limited (AgroNat) would become a subsidiary of Maldives Industrial Fisheries Company Limited (MIFCO).
He explained that the decision was taken to ensure the continued operations of Agronet, advance the Administration’s food security objectives and further develop the agricultural sector. He added that, under the new arrangement, MIFCO would operate the new local market, providing fishermen and farmers with an avenue to sell their produce.
Speaking on measures to further develop the tourism sector, the President said increasing Maldivian ownership and participation remained a key priority of the Administration. In this regard, he reaffirmed the Government’s commitment to developing 10 resorts under the initiative, with 10 islands already designated for the project.
The President called for a more equitable distribution of the wealth generated by the tourism industry, reiterating his pledge to ensure that all Maldivians become stakeholders in the sector. He stated that the initiative would be implemented within 36 months, enabling citizens to directly benefit from the continued growth of the tourism industry.
In his Presidential Address to the People’s Majlis this year, the President stated that Maldivian citizens, as the rightful owners of the nation’s natural assets, deserve a direct and systematic share of the income generated by the tourism industry. To this end, the Government has decided to develop a minimum of 10 resorts through a state-owned enterprise over the next three years.
A significant portion of the profits generated by these resorts will be distributed equally among all Maldivian citizens, without exception, with payments to be made annually in foreign currency.
At the press conference, the President also outlined various measures being undertaken to improve the economic wellbeing of citizens. He stated that amendments aimed at expediting the resolution of relatively minor financial cases at the judicial stage, as well as civil cases involving large businesses, would be submitted to the People’s Majlis during its third session of the year.
The President also responded to questions from journalists regarding recently introduced legal amendments relating to income tax and foreign exchange transactions.