The President’s Office said that the decision was made after discussing a paper submitted by the economic ministry.

According to the office, the cabinet discussed the importance for establishing a mechanism to increase investments in the Maldives by importing raw materials to manufacture goods locally. The members made the decision to waive off import duties on machinery and materials brought in for the development of the industry, the office added.

The President’s Office noted that the cabinet also decided on allocating land from the Hulhumale industrial area for the establishment of factories.

Members also underlined the need of establishing a system to provide basic commodities to the people at affordable prices, the office said.