State Trading Organisation (STO) has revealed plans to further invest in the shipping industry of Maldives, including the purchase of cargo ships.
Speaking on a programme aired on PSM News, Chief Financial Officer (CFO) Mohamed Mihad said STO seeks to expand its business ventures with the aim of investing in various sectors. Mihad said STO plans to resume the shipping line and boost the services by further investments. Noting most of the imports of Maldives are conducted by various cargo ships, he highlighted the importance of operating an enhanced shipping line to further boost the economy of Maldives.
Speaking on the programme, General Manager, Fuel Logistics and Construction Abdul Wahid said STO would venture into the shipping industry after completing the required feasibility studies. He expressed STO will invest in the shipping industry this year, as per the aim of the administration.
Maldives used to have the largest shipping line in the region. However, Maldives National Shipping Limited (MNSL) went bankrupt and was later abolished.