The State Trading Organization (STO) has announced that it would be venturing into the shipping industry.
The CEO of the company, Mr Hussain Amru announced this news during his speech at the STO Annual General Meeting held at Dhaarubaaruge.
Mr Amru spoke at the meeting, stating that work needs to be done to reduce the running cost of the company. He went on to state that around 70,000 containers are imported into the Maldives yearly, with 190 containers coming in daily.
He then stated that STO imports 200 containers a month and that going into shipping was the next logical step to minimize the cost of operation.
Mr Amru also stated that going into the shipping industry would likely reduce the prices of products they bring into the Maldives.
He elaborated that STO was created 54 years ago to ensure food security by providing staple foods to the country. He then stated that today’s Maldives is one where majority of our food is imported and that STO should be a part of this process.
Mr Amru went on to state that another possible area for STO to go into is distribution and that if farming was developed and farmers were paid better, it would greatly benefit the nation.