Maldives Inks Economic Gateway and Free Zone Framework Agreement With Singapore-Based Firm

The Maldives signed a framework agreement with Singapore-based Capital Asia Investments to develop a port and other facilities in the Ihavandhippolhu region under the Maldives Economic Gateway and Free Zone Project. The project is a joint venture between state-owned companies STO and MPL. STO CEO Ibrahim Shimad and Capital Asia CCO George Tan signed the agreement. The aim is to sign another agreement within six months to attract US$100 million in investments. Shimad stated that the Maldives seeks to diversify its economy beyond tourism.

The Maldives signed a framework agreement with Singapore-based Capital Asia Investments to develop a port and other facilities in the Ihavandhippolhu region under the Maldives Economic Gateway and Free Zone Project. The project is a joint venture between state-owned companies STO and MPL. STO CEO Ibrahim Shimad and Capital Asia CCO George Tan signed the agreement. The aim is to sign another agreement within six months to attract US$100 million in investments. Shimad stated that the Maldives seeks to diversify its economy beyond tourism.

The Maldives signed a framework agreement with Singapore-based Capital Asia Investments to develop a port and other facilities in the Ihavandhippolhu region under the Maldives Economic Gateway and Free Zone Project. The project is a joint venture between state-owned companies STO and MPL. STO CEO Ibrahim Shimad and Capital Asia CCO George Tan signed the agreement. The aim is to sign another agreement within six months to attract US$100 million in investments. Shimad stated that the Maldives seeks to diversify its economy beyond tourism.

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