Minister of Economic Development and Trade Mohamed Saeed has stated that major initiatives such as the Aila Sustainable Township project are of significant importance. He made the statement while speaking to PSM News regarding the launch of practical work of the project.
Minister Saeed said Maldives’ economic activities are centred around the tourism industry. While the industry itself has seen significant changes over the past years, it is important to diversify and expand the Maldives’ economic activities, he noted.
The Minister said the Aila Sustainable Township project in Noonu Atoll will be highly beneficial for the Maldives in many ways. The project investment is over USD 800 million and will include a world-class health facility that aims to boost health tourism in the Maldives, he said.
The township will also have international-standard facilities for training local youth and visitors. The project is designed to run on 60 percent renewable energy. Furthermore, a facility where locally grown produce that is normally imported can be sold will be established. This will allow for the Maldives to prove its foothold in the global competitive market, the Minister said.
According to the Minister, the government aims to implement similar township projects in different regions of the country. While the Aila Township Project will become the first sustainable township in the Maldives, its opening is planned for 2028.
This is the first major project under the Maldives’ Special Economic Zone (SEZ) initiative.