Bunkering service to launch next month, GDP to boost by USD 400 Million in the first year: President Dr. Muizzu
President Dr. Muizzu has announced the upcoming launch of the bunkering service next month, forecasting a significant economic impact.
Speaking at the official Independence Day function at the Maldives Centre for Social Education (MCSE) on Friday night, he highlighted the benefits, including an anticipated $400 million increase in GDP by the end of the first year.
The bunkering service will start next month. Due to this, by the end of the first year, GDP will increase by $400 million. Then the debt is reduced. Debt-to-GDP will fall. There are many other benefits. Business Profit Tax (BPT) is available, and jobs are being created in the north, the area where this is being done, and if Maldives Ports Limited (MPL) wants to, people can get jobs from any area. MPL is strengthening and expanding, a government company that will benefit the people
President Dr. Muizzu stated
This initiative follows a partnership agreement signed in March between State Trading Organization (STO) and Vitol to establish an international bunkering hub in Ihavandhippolhu atoll.
Under this agreement, Vitol will play a pivotal role in marketing the Maldives as a key bunkering hub within the Indian Ocean region.
Additionally, Vitol will actively contribute to enhancing the Maldives' technical capabilities in the bunkering industry.
In April, the Maldives was featured on a popular global bunkering map, further cementing its position in this sector.
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