The Maldives Industrial Development Free Zone (MIDFZ) is a state enterprise, jointly owned by STO and four other SOEs. MIDFZ aims to drive economic diversification and ensure economic security by engaging in transshipment, manufacturing, and re-exporting businesses. The Maldives Economic Gateway (MEG) Project steered by MIDFZ encompasses several plans, one of which is to import goods exceeding domestic needs and re-export them to other nations, generating substantial revenue for the Maldives. MIDFZ has already begun offshore bunkering services out of Ihavandhippolhu atoll, as a precursor to the development of onshore service infrastructure in the region.
Other potential sites for the company’s operations include Thilafushi and Giraavaru Falhu, with additional land from Uthuru Thila Falhu (UTF) allocated for food production and investment attraction.
MIDFZ represents a significant step towards enhancing the Maldives' economic landscape through strategic infrastructure development and international trade.