The Maldives Industrial Development Free Zone on Thursday signed an MoU with China's Harbor Engineering Company to carry out a large-scale agriculture project with land reclamation in Uthuru Thila Falhu.
The Maldives Industrial Development Free Zone Plc (MIDF) is a joint venture formed between five state-owned companies, including the State Trading Organization (STO), Housing Development Corporation (HDC), Maldives Ports Limited (MPL), Maldives Transport and Contracting Company (MTCC) and Maldives Airports Company Ltd (MACL). Shimad Ibrahim is in charge of managing MIDF in his capacity as STO's managing director.
According to STO, MIDF will work with the Chinese company to develop an Agricultural Economic Zone (AEZ) in the Maldives, which would be a special area designated for growing the agriculture sector and increasing agricultural produce with the necessary assistance and infrastructure.
STO MD Shimad signed the MoU on behalf of MIDF. Mao Bao, country manager of China Harbor Engineering Company, signed on behalf of the company.
The purpose of the MoU is to increase food security and seek investments for the Maldivian agriculture industry in order to address important problems faced by economic development.
The project planned to be carried out in Uthuru Thila Falhu includes land reclamation and the development of primary infrastructure. The project also involves building an agricultural industrial park along with a cargo and passenger terminal.
Once the Agricultural Economic Zone is established, it will have agricultural training centers and farms for growing fruits and vegetables, STO said.
