As part of its initiatives to bolster the country's economy, the government has decided to establish a 100 percent local company dedicated to the reexport and transshipment business.
Economic Minister Mohamed Saeed said that President Dr. Mohamed Muizzu has decided to establish a 100 percent Maldivian company named Maldives Industrial Development Freezone. The objective is to ensure economic security, facilitate value addition, and engage in transit and reexport businesses.
Giving further details, Minister Saeed informed 'Mihaaru News' that this marks the establishment of a third industry in the country's economy, alongside tourism and fisheries.
"As a freezone company, we will specialize in reexport and transshipment business," he said.
The minister said that land, staff, capital, and resources would be arranged for the establishment of the company within the next two weeks.
The main purpose of the company, minister Saeed said, is to engage in direct business transactions with international companies, focusing on value-adding and transshipment re-export.
The business, currently conducted by various foreign companies, will then be transitioned into the hands of locals, he said.
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