A 100-hectare Special Economic Zone (SEZ) will be set aside, with a view towards economic diversification, for a re-export commercial entity to be set up by the administration, President Mohamed Muizzu has confirmed while speaking during an event to inaugurate the Velana International Airport development project on Thursday.

Mohamed Saeed, the Minister of Economic Development and Trade, in a post to social media on Monday had said that the President had decided to form a 100 percent state-owned enterprise (SOE), the Maldives Industrial Development Free Zone, for the purpose of economic diversification. The company would also tap into transshipment and re-exporting, Saeed specified.

President Muizzu elaborated that a zone will be designated for re-export in Thilafushi Island and the reclaimed land in the area. “We will take advantage of other opportunities and make it an international SEZ zone for re-export,” Muizzu said.

The company will produce raw materials and food products available in the Maldives with the main objective being to increase revenue by exporting goods to other countries, the President outlined.

Five SOEs, made up of the State Trading Organization (STO), Urbanco, Maldives Ports Limited (MPL), Maldives Transport and Contracting Company (MTCC) and Maldives Airports Company Limited (MACL) will be stakeholders in the new company.

Saeed said land, staff, capital and resources would be allocated to the company within the coming weeks.