The Maldivian government has invited potential investors to participate in the consultation process for the development of facilities for the commercial port and bunkering services at Fonadhoo, Laamu Atoll.
The opportunity to express interest is open until the 7 August.
The Ministry of Economic Development and Trade said the port and bunkering project is a strategic initiative to be implemented in in Laamu Atoll, located near a major trade route in central Indian Ocean, One and Half Degree Channel.
According to the Ministry, the project aims to develop a multi-purpose commercial port that leverages the heavy maritime traffic passing through the area, along with development of infrastructure to support bunkering related facilities and other maritime related services.
During the consultation stage of the project, the Economic Ministry will identify the interest of private businesses in the concept, assess the financial feasibility of the project and seek input on revenue generation models. Additionally, a business framework will also be discussed.
At this stage, the Economic Ministry will seek ideas on other facilities that can be established in the area in addition to the port and bunkering operations. The Ministry will seek ideas on the establishment of logistics hubs, vessel repair facilities and yacht assistance facilities.
During the consultation process with interested parties, potential changes to the shape and scale of the project will also be discussed. The Economic Ministry will then officially launch the recruitment process for investors and business partners interested in implementing the project.
The bunkering operation is carried out in Ihavandhippolhu by the State Trading Organisation (STO) in partnership with Vitol, an international energy and commodities firm. The government is in discussion to establish further facilities in the area to expand the service.
The main objective of these initiatives by the government is to diversify the national economy beyond its reliance on tourism, and to increase the resilience of the economy such that it is less vulnerable to external economic shocks.