STO

STO to step into shipping business

Managing Director of the State Trading Organization (STO), Hussain Amru has said that the company has to step into the business of shipping.

Speaking at the shareholder’s meeting at Dharubaaruge last night, Amru said that a lot has to be done to reduce costs of the company and so a lot is required in ICT (Information and Communication Technologies) and automation.

“Our (Maldives) country is always use things by importing them. We noticed that every year, 70,000 containers are brought in to the country. That is about 190 containers per day. And for our own use, for STO, we bring 200 containers a month. So, truly this (is a business) we rather step into than avoid, I believe.” Amru said.

He said that if STO steps into shipping, it would reduce the cost of import and reduce prices in the entire country.

Amru said that while STO marks the 54th anniversary, the company is mainly for securing food security and provide staple foods. But today, the company have to think about importing all types of food.

He said that developing local farming and STO getting into distribution would benefit the company and the whole country.