Minister of Economic Development and Trade Mohammed Saeed has stated that the Maldives will experience unprecedented levels of development in the next five years. He made the remark while speaking to PSM News about the benefits of President Dr. Mohamed Muizzu's state visit to China.
As such, Minister Saeed detailed how President Muizzu plans to shape policies to grow the economy. They include developing and diversifying the tourism industry to include health, sports, education and cultural tourism in specific zones. He also said that the President plans to develop the maritime economy by establishing the Maldives Industrial Development Free Zone under the Special Economic Zones Act and allocate land and resources to the company.
Additionally, Minister Saeed said that the government is prioritising the commencement of bunkering services. He noted that the Maldives has the potential to develop its maritime sector due to its large ocean territory, emphasizing the importance of establishing port, logistics, bunkering and re-export services. He also said that the iHavan project is also linked to the efforts to establish the free zone and that the State Trading Organisation (STO) has assured that it will soon commence bunkering services in Ihavandhippolhu Atoll.
Furthermore, Minister Saeed said that the Special Economic Zones Act has been unused since it was ratified in 2014 but that President Muizzu has established a major free zone company under the law and decided to allocate 100 hectares of land for importing and re-exporting services.said that the Maldives should strengthen its tourism industry and develop other sectors. He also highlighted the efforts to strengthen the financial economy, including the establishment of a Maldives International Services Authority in order to establish a development bank in the country. He pledged that the government is committed to delivering unprecedented results and benefits for the Maldives.