DUBAI - IFZA, Dubai's most dynamic free zone community, and the Ministry of Economic Development and Trade in the Maldives have signed a Memorandum of Understanding for IFZA to develop, and be the governing authority for the special economic and financial services zone at Funadhoo Island and the Maldives Economic Gateway at “Ihavandhippolhu Atoll.”

The MoU was signed by Mohamed Saeed, Minister of Economic Development and Trade, representing the Government of Maldives, and Martin G. Pedersen, Chairman of IFZA.

The MoU forges a unique partnership as a key stepping-stone towards achieving the Government’s developmental goals in diversification of the Maldivian economy through expansion of commercial and economic activities in the Maldives.

Minister Saeed noted the commitment of his country’s Government towards creating an enabling environment for businesses, trade, and investment. In this regard, he highlighted that the signing of the MoU is a significant step taken by the Government towards diversification of the Maldivian economic base.

Pedersen commented, “The signing of this MoU marks the start of a journey towards achieving the Government’s goals in diversification of the Maldivian economy and this collaboration is expected to provide quality and modern financial services to residents and investors alike and to transform economic activity in the country.”