Minister of Economic Development Fayyaz Ismail has revealed a portion of the India's credit facility will be utilised to enhance the agri-farming sector in Maldives and to export local farming products. During the state visit of President Ibrahim Mohamed Solih to India, both countries signed a Memorandum of Understanding for establishing Mutual Cooperation to Improve the Ecosystem for Agribusiness.
Speaking to PSM News regarding the document, Economic Minister Fayyaz Ismail stated India will provide technical assistance to Maldives in addition to providing training opportunities in the sector, as part of the agreement. Moreover, the minister said India will assist Maldives in identifying the most suitable forms of farming in Maldives and teach the Maldivian farmers the international best practices in using fertilisers.
Furthermore, according to economic minister, the most importance will be given to export fruits and vegetables cultivated in Maldives to foreign countries. He noted government attaches a great importance to exporting local products to foreign countries in its efforts to enhance the sector with the aim of boosting the economy.
President Solih had ratified the 15th Amendment to the Export Import Act of Maldives, waiving import duty from goods imported for agricultural needs that have been predetermined by the respective authorities.