The Ministry of Economic Development and Trade has announced that efforts are underway to establish storage facilities in three regions of the Maldives to provide affordable warehousing solutions for Small and Medium Enterprises (SMEs).
Today, the Ministry disclosed several government initiatives aimed at fostering the growth of the SME sector. According to the Ministry, the President has designated the next two years as a special period for implementing targeted measures to enhance SMEs, and the government is actively working towards this goal.
The Ministry further noted that during a meeting held on the 17th of this month between the President and SME representatives, various concerns were raised by the business community. In response to these concerns, the government has decided to establish dedicated storage facilities in Malé, Kulhudhuffushi City, and Addu City. These facilities are intended to ensure that businesses can store their goods at more affordable rates. Detailed information regarding these projects will be released by the relevant authorities in the coming days.
Additionally, the Ministry stated that measures are being taken to streamline cargo clearance at Maldives Ports Limited (MPL) harbors and to implement a more robust system for managing goods-transporting vehicles operating in those areas.
The Ministry also highlighted that issues related to the registration and quota allocation for businesses providing rental rooms to locals and work-permit holders have been addressed. This was a significant concern raised by business owners during their meeting with the government.
Beyond these initiatives, the government has already implemented several measures to alleviate the challenges faced by SMEs. Notably, the grace period before demurrage charges apply to imported goods has been extended from 80 hours to 124 hours. Furthermore, the daily window for clearing goods has been increased from 18 hours to 24 hours. These changes have already been put into effect by Maldives Customs Service and other relevant agencies.
