The Minister of Economic Development, Transport and Trade Mohamed Saeed is confident the country can match the unprecedented import demands of the Maldives with a modernized harbor by 2028. He made the remarks at the inaugural ceremony of the Maldives Maritime Conference.
The Maldives is an import-reliant country that observes a year-on-year increase in its import figures. Such is the country’s reliance on imported goods that statistics from the local customs authority reflect import figures currently tracking at previously unheard-of levels. Despite the surging import figures, the Maldives faces a significant economic setback: the lack of a modern and spacious commercial harbor to accommodate and handle cargo operations expeditiously.
While highlighting this major setback, the minister underscored the failure of previous governments to address such a key economic concern in the 40 years since the first-ever commercial harbor was established. Saeed also pointed to the ongoing efforts of the current administration to enhance the expansion of the harbor and the subsequent growth of seaborne logistics in the Maldives.
Saeed said the current administration understood this very concern, and that its efforts to shift commercial operations to a larger harbor in Thilafushi, currently under development, are a testament to the President Mohamed Muizzu-led government’s commitment towards a holistic long-term solution. A consortium comprising three companies is carrying out the harbor relocation project.
“With God’s grace, local businesses and entrepreneurs will be able to make the most of a fully functioning modern harbor by November 2028, marking the culmination of a four-decade-old issue that remained in limbo,” Saeed commented.
Shedding light on the economic progress of the country, Minister Saeed said the tourism industry currently has close to USD 11 billion worth of projects at varying stages of development. Stressing the logistical significance for an import-reliant country, the minister added that there are currently close to 5,000 cargo containers at Male’ Commercial Harbor going through clearance procedures. He underscored this figure to denote an all-time high import volume to the Maldives – an unprecedented figure.