The government has decided to establish a fully state-owned entity, the Maldives Industrial Development Free Zone, with a focus on economic diversification, Minister of Economic Development and Trade Mohamed Saeed revealed on Monday.

Congratulations President Dr @MMuizzu [Muizzu] on the decision to form a 100% state owned compa[n]y – Maldives Industrial Development Free Zone to focus on economic diversification, ensuring economic security and tapping into the business of transshipment and re exporting.

Minister of Economic Development and Trade Mohamed Saeed announcing, via a social post, the Muizzu administration’s plan to establish a state-owned company to focus on investment and economic diversification.

While the Muizzu administration had listed the development of a transshipment port in the Malé area within its ‘Week 14’, or first 100 days, manifesto, no further details on the newly established company were provided by Saeed.

President Muizzu had additionally pledged to establish a transshipment port in Laamu Atoll during his presidential campaign.

“We will make Gaadhoo a transshipment port and bunkering facility,” President Muizzu said during a campaign speech at Fonadhoo Island in Laamu Atoll.