Maldives and Singapore have entered an agreement, aimed at advancing the Maldives Economic Gateway (MEG) Project. The framework agreement to further develop the MEG project was signed by the Managing Director of Maldives Industrial Development Free Zone Public Limited Company (MIDFZ) Shimad Ibrahim and the Chief Commercial Officer (CCO) of Capital Asia Investments (CAI) Private Limited Tan Kun Chiao George.
Speaking at the ceremony held to mark the signing of the agreement, Managing Director Shimad stated that a formal agreement regarding the project development will be signed within the upcoming six months. He revealed that talks have been held to launch a USD100 million project with CAI, following the signing of the official agreement.
During the ceremony, CCO Tan Kun Chiao George unveiled the objective of CAI, to transform the Ihavandhippolhu Atoll into a key hub, which provides a variety of services. He disclosed plans to develop the region with international port facilities, bunkering facilities, cruise tourism, real-estate businesses and an export processing zone.
President Dr. Mohamed Muizzu established MIDFZ, with the primary target of diversify the economy. The company is made up of five state-owned enterprises; State Trading Organisation (STO), Housing Development Corporation Limited (HDC), Maldives Ports Limited (MPL), Maldives Transport and Contracting Company (MTCC) and Maldives Airports Company Limited (MACL).