Economic Minister Mohamed Saeed has said work will likely commence on Agriculture Economic Zone later this year.

Speaking at a press conference held at the President's Office after the cabinet meeting held today, Minister Mohamed Saeed announced that AgroNat will be made a part of Maldives Industrial Freezone Company.

"The Agriculture Economic Zone's work will begin by the end of the year. The mega project is worth about USD 250 million," Minister Saeed.

He said that President Dr. Mohamed Muizzu wants similar projects to be carried out in the north and south of the Maldives, similar to those in the Male' area. He added that farmers would benefit the most if AgroNat activities were diverted accordingly.

He further said that AgroNat will work alongside the Agriculture Economic Zone and thus would function as part of the Maldives Industrial Freezone Company.

AgroNat was established by former President Ibrahim Mohamed Solih's administration for agriculture. The Maldives Industrial Freezone Company was established by President Dr. Muizzu's administration to ensure economic security, value addition, transshipment and reexport businesses in the Maldives. Maldives Industrial Freezone Company includes STO, HDC, MPL, MTCC and MACL.