In a significant move towards economic diversification and development, the Ministry of Economic Development and Trade of the Maldives has signed a Memorandum of Understanding (MoU) with the International Free Zone Authority (IFZA). This agreement will see IFZA develop and govern special economic and financial services zones at Funadhoo Island and the Maldives Economic Gateway at Ihavandhippolhu Atoll.
The MoU signing ceremony took place at the Meerumaa Hotel, attended by high-level delegates from the Maldivian government and representatives from IFZA. The agreement was signed by HE Mohamed Saeed, Minister of Economic Development and Trade, representing the Government of Maldives, and Mr. Martin Pedersen, Chairman of IFZA.
This partnership marks a strategic step in realizing President Dr. Mohamed Muizzu’s vision of a diversified and connected Maldives. Minister Saeed expressed gratitude towards IFZA for choosing to partner with the Maldives, highlighting the government’s dedication to creating a business-friendly environment that fosters trade and investment.
“The signing of this MoU is a significant milestone for the Government’s commitment to economic diversification,” said Minister Saeed. “We are focused on enabling an environment conducive to business growth and investment.”
Mr. Martin Pedersen, Chairperson of IFZA, echoed the sentiment, emphasizing the importance of this collaboration. “The signing of this MoU marks the beginning of a journey towards achieving the Government’s goals in economic diversification. Our collaboration will provide quality and modern financial services to residents and investors, transforming economic activity in the Maldives. We are committed to doing so in a sustainable, inclusive, and respectful manner, sensitive to the unique challenges of the Maldives’ landscape and environment.”
IFZA, known for its successful track record in Dubai, aims to leverage its global network and expertise to attract significant foreign direct investment into the Maldives. By working with investors, entrepreneurs, business leaders, and high-net-worth individuals, IFZA plans to support the Maldives’ economic objectives.
The development of these special economic and financial services zones is expected to significantly transform the Maldivian economy. The projects will include state-of-the-art office facilities, a conference center, hotels, residential real estate, and other infrastructures to attract top international talent and drive innovation, positioning the Maldives as a hub for groundbreaking industries.
This initiative holds immense potential for the Maldives, promising economic diversification that will benefit the government, citizens, and investors alike.
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