Economic Minister Muhammad Saeed have said that since the government’s policy is to change Maldives to an open economy, in future it is possible that Maldives might become a freeport. He also said that the government hopes to make Maldives a free port that is open for businesses.
Speaking to the press at Bandos Island Resort, minister Saeed said that the President’s economic policy is to open Maldives for global businesses and the government is working to achieve that. He said that dialogues with Hong Kong to establish a free trade agreement has ended on Thursday and the meetings were fruitful.
“The biggest achievement in this round of talks is that there will be no further discussions. There will be one more meeting and a decision will be made. This went smoothly because discussions with China has ended as well” said the minister.
Minister Saeed said that once free trade agreements are signed with Hong Kong and China, Maldivian businesses should not have to target Maldivian customers only and that they will get access to a market of more than 1 billion people. He said that, Maldivian businesses and professionals can generate revenue through various ventures when the agreements are signed.
In addition, he said that with Hong Kong they mainly discussed about developing the financial sector. Minister Saeed said that this will allow Maldivian insurance companies to provide services in Hong Kong. Allied Insurance is getting ready to provide services abroad even now. Furthermore, the minister said that Hong Kong believes that Maldives will not be able to provide as much opportunities as Maldives is being provided by Hong Kong.
Once the free trade agreements are signed, there will be no export duties on Maldivian fish products exported to China and Hong Kong according to the minister. The minister said that few countries get these opportunities and this is a huge achievement for Maldives. He said that this will also be a huge encouragement to new businesses and existing business.
Minister Saeed said that the free trade agreements will be signed this year and as a result of these agreements Maldivian businesses will benefit a lot.
Maldives to become a free port: Businesses can access a market of 1 billion people !
