Ahmed Shaheer
Managing Director of State Trading Organization (STO)
Economy / Maldives
“Maldives now has a truly competitive business environment”
State Trading Organization (STO) is the Maldives’ leading state-owned trade company. We spoke with Managing Director Ahmed Shaheer about the company’s expansion and China.
How does STO support the Maldives’ socio-economic development?
Ensuring a reliable supply of essential items at an affordable price is a key mandate. We presently focus on expanding oil storage and trade; enhancing and expanding staple food storage; and meeting the demands of the construction and health insurance industries. Our corporate social responsibility induces us to protect the customer, however, we strive to remain competitive and serve the country in the long term. The Maldives now has a truly competitive business environment.
How can STO gain international recognition?
Our office in Singapore is currently our only international trading window, but we are considering operating retail stores in India and supply stores in Dubai.
What impact do you anticipate from the FTA with China?
Now that we are in a booming economic development phase, I believe there is room to increase Chinese imports. For instance, we need to expand our portfolio of hardware materials in the near future, and are examining the products that could be imported from China specifically.
What opportunities would you highlight for Chinese investors?
The Maldives is specifically interested in hardware, construction materials and logistics. STO is now preparing to increase its oil storage facilities from 20,000 tons to 50,000 tons. We are looking to buy used vessels for fuel transport, and would consider bringing equity partners into this venture.
