Minister Saeed anticipates finalizing Economic Zone Development agreement within 5 Months

12 May 2024 | 14:59
Economic Minister Mohamed Saeed speaking at today's MoU signing ceremony

Economic Minister Mohamed Saeed announced plans to finalize a comprehensive agreement within the next four to five months to establish a specialized economic and financial zone in Fonadhoo along with economic gateway project in Ihavandhippolhu.

This announcement came during a signing ceremony where Minister Saeed and IFZA's Chairman Martin Pedersen exchanged commitments, formalizing a memorandum of understanding (MoU).

Under this agreement, IFZA will play a pivotal role in spearheading the establishment of the economic zone in Fonadhoo, alongside participation in the integrated maritime project in Ihavandhippolhu Atoll, a vital component of the Maldives Economic Gateway project.

Speaking at the ceremony, Minister Saeed outlined ambitious plans for infrastructure development, including the establishment of financial centers, convention facilities, and hotels, as fuel storage has been decided to be relocated to Maagiri Falhu for the development of a financial services hub in Fonadhoo.

Plans were also unveiled for the construction of bridges connecting Fonadhoo to Male and Hulhule', with IFZA providing funding support for these initiatives.

We aim to finish the building and bridge connecting Fonadhoo to Hulhule' within five years, with further connections to Hulhumale' and Male

 stated Minister Saeed

emphasizing the government's commitment to timely execution and completion of infrastructure projects.

The Maldivian government's vision for the Economic Gateway in Ihavandhippolhu encompasses three phases of development, culminating in a multifaceted hub comprising Islamic finance centers, universities, a research and development hub, and a residential area.

A video showcased during the ceremony highlighted the planned facilities in the area, including a research and development hub, university, Islamic finance center, residential township, sports hub, and film city.

Once completed, the area will feature essential amenities such as a port, cruise terminal, and airport, surrounded by a vibrant residential city referred to as "aero city."

This ambitious project aims to enhance economic opportunities, attract investment, and drive sustainable development in northern Maldives.

The signing ceremony marks a significant milestone in the collaboration between Maldives and IFZA, setting the stage for transformative economic growth and infrastructure development in the region.