President outlines efforts to guarantee economic sovereignty and independence

President Dr Mohamed Muizzu has said that to envision the country's independence and economic sovereignty, one must 'look beyond the horizon'.

Speaking at the reception marking the 59th Independence Day of Maldives, the President said that to ensure a brighter future for our children and beyond, and to guarantee the economic sovereignty of the State, it is key to keep our sights on beyond the horizon.

He said that it is only through diversifying the economy, that we can claim to be autonomous in that sense. With this aim in mind, efforts have now begun to broaden economic activities beyond just tourism, as was previously done.

He highlighted the Maldives International Financial Services Authority (MIFSA) as one example of this, assuring that work related to the authority is proceeding at speed.

"Work on drafting the bills necessary for MIFSA has also begun," the President said.

He also stated that a development bank has been set up in the Maldives for the first time, and that those on the board of this bank would not lack necessary experience.

"We're looking for people who have worked in other countries in such places, those, who just by their involvement, will bring assurance to those looking to invest in the Maldives Investment Bank. That work is ongoing now," he said.

President Muizzu also spoke of the international bunkering services due to commence next month, which is another first for the nation. He predicts that even in the first year, this service would add USD 400 million to the country's GDP.

"The debt will decrease then. Debt GDP will go down. Debt goes down. There are many benefits besides this as well. Business Profit Tax benefits, higher number of job opportunities. Definitely jobs will increase in the North, and MPL wishes, they can hire from any region," the President explained.

The President said that the highest strain on the State reserve is from debt and high expenditure on fuel. He said that the government is working to reduce spending on fuel through the Special Economic Zone (SEZ).

Under SEZ, a proposal has been received to build a 'Solar City', for which a lagoon near Bandos has now been allocated.

Regarding the relocation of the fuel storage from Funadhoo to Maagiri, the President assured this too will be completed within two years. Ultimately, the International Financial Services Centre will be located at Funadhoo.