Maldives Signs Framework Agreement for Major Economic Gateway Project

The Maldives has officially signed a framework agreement for the Maldives Economic Gateway Project, a high-profile economic development venture set to transform the country’s economic landscape. The agreement was signed by Shimad Ibrahim, Managing Director of Maldives Industrial Development Freezone, and the Chief Commercial Officer of Capital Asia Investments Private Limited.

At the signing event, Minister of Economic Development Mohamed Saeed highlighted the project’s significance within President Dr. Mohamed Muizzu's economic agenda, noting it as a pivotal opportunity to diversify and strengthen the Maldivian economy. Saeed emphasized that the agenda is anchored on three major components: growth in the tourism industry, the financial digital economy, and the maritime economy. These three elements are intended to solidify the Maldives’ economic stability while opening avenues in new economic sectors.

Land acquisition for the project, based in Ihavandhippolhu, commenced at the end of January this year, marking the start of infrastructure development. As part of a broader vision to enhance the Maldives' economic infrastructure, the project aligns with Dr. Muizzu’s strategic goals, potentially positioning the Maldives as a key player in the region’s maritime and economic activities.