The State Trading Organization (STO) and the government are focused on maximising the economic advantages of the Maldives’ strategic location, STO’s Managing Director Shimad Ibrahim has said.
Speaking at the inauguration of ISPS maritime services in Haa Alif Uligan, Shimad said the Eight Degree Channel between the Maldives and India is a key route for international trade. He noted that about 200 cargo ships sail through the channel every day, and the maritime sector aims to ensure that the nation benefits from the traffic.
Shimad noted the government’s efforts to diversify the economy in a bid to stop relying solely on the tourism industry to earn foreign currency. He noted that initiatives are underway to increase GDP and foreign exchange, by which the government hopes to add $400 million to GDP within a year.
STO has previously said it was already receiving bookings for its upcoming bunkering service. The company said the market will expand once the service is fully operational.
