In a move to address persistent supply shortages and soaring costs, the government has secured four additional international markets for cement imports, the Minister of Economic Development and Trade Mohamed Saeed has announced.
The announcement, made during the weekly press conference at the President’s Office, signals a significant step towards stabilising the vital construction industry.
Minister Saeed detailed the efforts of the dedicated ministerial committee that worked in collaboration with the Ministry of Foreign Affairs to mitigate the market shortages. While affirming that cement remains available through existing channels managed by the State Trading Organization (STO), the Minister stated that the government has been able to secure additional suppliers in case of any difficulties in importing cement from the existing market.
“Therefore, four more suppliers have already been arranged to be used instead,” he said, adding that the primary goal of this diversification is to ensure an uninterrupted supply of materials and prevent future disruptions for the construction sector.
The initiative appears to be having an immediate effect. After a severe price spike that saw a bag of cement skyrocket to over USD 19.46 in the Male’ market and USD 19.59 from Thilafushi on 1 April—following a steep rise to USD 16.22 in March—prices have now begun to gradually decline. This is a welcome relief from the standard price range of USD 9.08 to USD 10.38 seen before the recent crisis.