Minister of Economic Development and Trade Mohamed Saeed has announced that the Maldives Economic Gateway Integrated Project in the northernmost Ihavandhipolhu Atoll is scheduled to begin this year. He made the announcement during a ceremony held to commemorate International Customs Day.
Speaking at the ceremony, Minister Saeed emphasised President Dr. Mohamed Muizzu's plans to initiate the project's implementation within this year, with ongoing preparations in progress. He also noted that significant changes will be introduced to the Maldives Customs Service, encompassing added responsibilities along with the project.
The Maldives Industrial Development Free Zone has been designated as the master developer for the Ihavandhipolhu development project, receiving development rights for the project area. The implementation area of the project is also set to be designated as a Special Economic Zone (SEZ) incorporating integrated tourism facilities.
The Maldives Industrial Development Free Zone was established to engage in large-scale importation of goods from neighbouring countries and employ a re-export system to optimise profits. The company is a collaborative venture of five state-affiliated companies, namely the Maldives Airports Company Limited (MACL), Maldives Ports Limited (MPL), State Trading Organisation Public Limited (STO), Maldives Transport and Contracting Company (MTCC), and Housing Development Corporation (HDC). The Cabinet also decided that the company would approach the Board of Investment seeking permission to set up free trade zones.