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Maldives Industrial Development Freezone to be formed

Jan 2, 2024, 5:22 AM

President Dr. Mohamed Muizzu has decided to form a 100% government-owned company called the Maldives Industrial Development Freezone.

Economic Minister Mohamed Saeed announced the decision on Monday night.

"Congratulations President Dr. Mohamed Muizzu on the decision to form a 100% state-owned company - Maldives Industrial Development Free Zone to focus on economic diversification, ensuring economic security and tapping into the business of transshipment and re-exporting," he posted on X.

The government hopes to facilitate the increase of Maldives' national productivity through this company.

The World Bank forecasts Maldives' economic growth at 6.5 percent in 2023. The figure is expected to fall to 5.2 percent this year and 5.5 percent in 2025.

Economy Economic Ministry Minister of Economic Development and Trade Mohamed Saeed President Mohamed Muizzu

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