Minister of Economic Development Fayyaz Ismail has inaugurated the master plan to develop Thilafushi into the main industrial hub of the Maldives. The plan was inaugurated at the Maldives Living Expo.
Thilafushi was first reclaimed with the landfill at the Thilafalhu lagoon near Male’ City in 1991 and made into a waste management site, and has since been repeatedly reclaimed to increase its land area to 100 hectares. The last reclamation project in 2016 added 22 hectares. A large part of Thilafalhu has still not been reclaimed and the government has decided to make the area an industrial hub.
Housing Development Corporation (HDC) currently manages Thilafushi. The company’s master plan to develop Thilafushi in accordance with the government’s vision includes reclaiming 151 hectares. Minister Fayyaz said the project will alleviate the space constraints of businesses in Male’ by allowing them to cheaply rent land for storage and other purposes, which will lead to a reduction in the price of goods for consumers. He added that all industrial work in Male’ will be moved to Thilafushi and Gulhifalhu and that the development of the bridges connecting the islands will significantly benefit industrial businesses.
Managing Director of HDC Ahmed Athif said the development project will be split into three stages. He noted that the rise in the price of goods is a result of the increased expenditure on renting warehouses in Male’. He said the project will solve this issue and also provide more job opportunities.
HDC stated the reclaimed land in Thilafushi will be used to establish offices, industrial zones, power plants, and fuel farms, as well as for port expansion and recreational purposes. The land plots measuring 5,000-35,000sqft will be available for sale or lease for small and large businesses for major manufacturing and industrial work.