Maldives Industrial Development Free Zone (MIDFZ) and China's Harbor Engineering Company Limited (CHEC) have entered into an agreement to collaborate on the development of an agricultural zone aimed at facilitating the provision of safe produce.
The agreement was co-signed by Managing Director of MIDFZ and State Trading Organization (STO) Shimad Ibrahim and Country Manager at CHEC Mao Bao.
During the signing ceremony, Shimad Ibrahim highlighted the significance of this project, noting that despite STO's responsibility to facilitate fresh produce, the Maldives, as an import-reliant country, has never seen such a significant initiative before. He emphasized that this project would not only train Maldivian farmers in modern agricultural practices but also create vast employment opportunities. Additionally, he anticipated substantial enhancements to mariculture and aquaculture.
MIDFZ emphasised the importance of the project in addressing challenges faced in ensuring fresh provisions in the Maldives. It confirmed that the project commenced during President Dr. Mohamed Muizzu's official visit to China, following an agreement signed with the Chinese government.
Shimad revealed that the agricultural zones would be developed in Uthuru Thilafalhu (UTF) due to substantial demand in the Male' region.
As part of the agreement, land reclamation of UTF , development of primary infrastructure, an agricultural industrial park, as well as passenger and freight terminals, and other structural resources will be established.
MIDFZ proclaimed that this project would revitalize the Maldivian agricultural sector by attracting a large pool of potential investors. It expressed the establishment of these facilities to enhance domestic production and decrease reliance on imports, thereby expanding and diversifying the range of food products available in the market.
In conclusion, MIDFZ affirmed the project's role in managing the national reserve and revitalizing economic growth, thus significantly reducing the outflow of foreign currency.