The State has established Maldives Industrial Development Free Zone - a 100% state-owned company for the transshipment and re-export business.

Economic Minister Mohamed Saeed told One this evening that the decision to set up the company was taken by President Dr. Mohamed Muizzu at a cabinet meeting held yesterday.

"It has been created to secure and to diversify the country's economy," Minister Saeed said.

Noting that the Maldives currently has two major industries, namely fisheries and tourism, Minister Saeed said President Dr. Muizzu's vision is to create an industry in a third sector.

He added that President Dr. Muizzu believes that the Maldives is likely to earn good revenue from a transshipment port owing to the strategic geographic location of the country, with numerous cargo ships passing through the Maldives waters.

"After adding value to imported goods and products manufactured in the country, we can earn good revenue by reexporting," Minister Saeed said.

He said it was difficult to say how much revenue the state would earn through the Maldives Industrial Development Free Zone as of now, but added that it would generate good revenue.