The agreement outlines the development of the Maldives Economic Gateway Project, which aims to transform Ihavandhippolhu into a trade and logistics hub.
Maldives Industrial Free Zone (MIDFZ) and Singapore's Capital Asia Investments have signed a framework agreement to implement the Maldives Economic Gateway project.
Ministry of Economic Development and Trade said that this agreement is a significant step for the Economic Gateway project. The framework was signed by Shimad Ibrahim, Managing Director of STO, on behalf of the Maldives Industrial Free Zone, and Tan Kun Chiao George, Chief Commercial Officer of Capital Asia Investments.
Capital Asia Investments manages USD 1.3 billion in assets across sectors such as infrastructure, IT, fintech, and renewable energy.
The agreement outlines the development of the Maldives Economic Gateway Project, which aims to transform Ihavandhippolhu into a trade and logistics hub.
The scope, phases, financial assessments, and key commercial terms of the project will be determined as part of this agreement, according to the Ministry of Economic Development.
Both parties will work in accordance with the principles of sustainable development in planning the project.
Established in January this year, the Maldives Industrial Free Zone is a collaborative venture of five state owned enterprises. The company was created to oversee major projects aimed at enhancing the Maldives' economic security.
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