The Maldives has signed a framework agreement with Singapore-based investment firm Capital Asia Investments to establish a port and other services in the Ihavandhippolhu region as part of the Maldives Economic Gateway and Free Zone Project.
The project is a joint venture between several state-owned companies (SOEs); chief amongst them State Trading Organization (STO) and Maldives Ports Limited (MPL).
Ibrahim Shimad, the Chief Executive Officer (CEO) and Managing Director (MD) of STO, who signed the project agreement on behalf of the Gateway and Free Zone, said during the signing that the Maldives was looking to diversify its economy and reduce its dependence on tourism. The project will develop ports, infrastructure, and tourism-related facilities, he said.
According to Shimad, the framework agreement will facilitate the development of ventures within the Maldives Economic Gateway, with Capital Asia Investments conducting feasibility and other relevant studies. The aim is to sign another agreement with Capital Asia Investments within the next six months to bring in US$100 million in investments, he said.
Speaking at the signing, the Chief Commercial Officer (CCO) of Capital Asia Investments, George Tan, said the company will help make the Maldives a recognised presence in international shipping and that the Maldives Economic Gateway project will develop modern infrastructure and increase the Maldives’ productivity.
