The State Trading Organisation (STO) is planning to acquire land abroad to produce food items, which would then be imported to the Maldives, STO’s Managing Director Shimad Ibrahim has said. Shimad revealed the plan while speaking to reporters on the government's decision to ensure food security at affordable prices.
On Wednesday, President Muizzu announced that the Cabinet had approved the bulk import of ten commonly used fruits, the ten vegetables most frequently consumed in the Maldives, and other staple food items such as lentils, eggs, and potatoes, through STO for sale in the local market.
Shimad explained that the company is preparing to import food items and sell them at cheaper prices in line with the President’s decision. Plans are also underway to produce and sell food in different parts of the country, he said. In the longer term, STO aims to acquire land overseas to cultivate food for import.
"Depending on the level of fertility, certain crops can be grown in the Maldives. Chicken farms can also be established to provide eggs,” Shimad said.
Adding that he expects positive changes in commodity prices across the market once STO starts bringing in shipments, Shimad said two modern warehouses have been developed and are in use at the Industrial Village in preparation for the initiative.
Shimad emphasised that STO will not be subsidising the imported food items with government funds. Instead, the necessary foreign currency will be generated through STO’s own business operations, with the aim of reducing the company’s reliance on US dollars.