The Maldives has signed a framework agreement with Singapore-based investment firm, Capital Asia Investments to develop a port and supporting services as part of the Maldives Economic Gateway and Free Zone project.
The Maldives Economic Gateway and Free Zone project is led by the Maldives Industrial Development Free Zone (MIDFZ), a joint venture between the State Trading Organization (STO), Maldives Ports Limited (MPL), and several government entities.
A ceremony was held Saturday to sign a framework agreement between MIDFZ and Capital Asia Investments. MIDFZ's main shareholder, STO's Managing Director Shimad Ibrahim signed the agreement on behalf of the company, while Chief Commercial Officer George Tan signed on behalf of Capital Asia Investments.
Speaking at the ceremony, Shimad emphasized the government's aim to end the Maldivian economy's dependence on tourism and explore new avenues. Under these efforts, the Maldives Economic Gateway project will develop ports and infrastructure in addition to tourism-related facilities, he said. He added that the framework agreement signed with Capital Asia Investments will facilitate the implementation of development projects in the Maldives Economic Gateway by securing funds for the projects.
Capital Asia Investments has already provided assistance to several key projects in the Maldives. According to Shimad, Capital Asia Investments will provide financial assistance to conduct feasibility studies and other relevant studies on the projects included in the Maldives Economic Gateway. The aim is to sign an additional agreement with Capital Asia Investments within the next six months to bring in $100 million in investment, he said.
Speaking at the ceremony, Capital Asia Investments' Chief Commercial Officer George Tan expressed the company's commitment to helping the Maldives position itself as a key player in international shipping. The Maldives Economic Gateway project will provide modern infrastructure and enhance the Maldives' productivity, he said.
