The practical work of the Maldives Economic Gateway project is set to commence within the next six months, Economic Minister Mohamed Saeed has said.
A framework agreement has been signed with Singapore-based investment firm, Capital Asia Investments to establish a port and other services in the zone area under the Maldives Economic Gateway and Free Zone project. The 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.
Speaking to the state media, Minister Saeed said Capital Asia will invest $100 million in the initial phase of the project. The detailed schedule to implement the project will be formulated, and the detailed agreement will be signed within six months. Technical personnel from Asia Investments will travel to the Maldives to conduct studies to commence the project, he added.
