Minister of Economic Development Fayyaz Ismail has stated that the commencement of the transshipment port development project will lead to more investments in the northernmost region.
Speaking to PSM News, Minister Fayyaz spoke about the development of the transshipment port in Haa Alifu Atoll and said that the administration is prepared to begin the project, while previous governments had failed. He noted that there had always been talks of establishing a transshipment port in the northernmost region of the Maldives and that the administration is now formulating a project model. He further said the project will be conducted by various state-owned companies working together and that the transshipment port will pave the way for the development of a new industry, adding that it would take 15-30 years to fully develop.
Haa Alifu Atoll is located in close proximity to the primary international shipping routes across the east and west. Therefore, the economic ministry stated the atoll is an ideal location for the development of a transshipment port, which will help major shipping lines across the world to broaden their operations in South Asia. The ministry further stated the development of the port will significantly boost the economy of the Maldives through the establishment of an economic hub in the north and facilitate the development of multiple sectors and open a wide array of job opportunities for locals.