President: Top economic project will be in Ihavandhippolhu

The most important development project under the new Special Economic Zone Bill will be the I-Heaven project to be carried out in the northern-most atoll of Ihavandhippolhu, said President Abdulla Yameen Abdul Gayoom, in his speech on the occasion on Independence Day.

A bill named the Special Economic Zone Bill, seeking to establish special hubs of trade to better concentrate the economic projects undertaken by the government, was accepted by the parliament on 14 July.

President Yameen, speaking at the flag hoisting ceremony at midnight on Saturday at the Republic Square, said that the project for Ihavandhoo Atoll will bring an influx of money and job opportunities, prompting great progress in the north of the country. He also said the special economic zones are a priority to realize the full vision of the government.

The government announced plans in April to establish a trans-shipment harbor in the northern-most atoll, and to further upgrade Hanimaadhoo Airport to an international airport which can receive air-freight cargo directly from India.

“When the bill becomes law, investor confidence will increase and Maldives will receive more investors. This will increase job opportunities, decrease our economy’s dependence on tourism, and expand trade in the Maldives,” said President Yameen in his Indenpdence Day speech.

The President also noted that the government’s new plan to advance the economy will boost the country’s trade and bring a new flow of foreign currency into the country.