Will the Maldives Become a Corporate Paradise?... Busan Urban Corporation Discusses Local Site Visit Cooperation

Busan Companies Establish Foothold for Entry into Maldives

Busan Metropolitan Corporation (BMC, President Kim Yonghak) visited the representative land reclamation project site in the Maldives together with the Housing Development Corporation Limited (HDC) on July 31, and discussed ways for mutual cooperation.

Gulhifalhu is an atoll belonging to the Male region, the capital of the Maldives, where a site development project through dredging and reclamation is underway to improve the densely populated residential environment in the central area.

The Maldivian government is currently carrying out dredging on the eastern part of the Gulhifalhu lagoon in cooperation with the Dutch construction company Royal Boskalis Westminster. After the construction, the site will be developed into a residential area with more than 30,000 housing units, helping to alleviate the residential burden of the overcrowded Male region.

Thilafushi is an artificial island located about 6 km west of Male, used as a landfill for waste generated throughout the Maldives. Since the early 1990s, the accumulated waste has continued to increase, causing the size of the island to expand by about 1 square meter every day.

HDC is currently promoting the second phase of the Thilafushi project to address environmental problems in the area. Once reclamation is completed, the current port in Male will be relocated and expanded to this site and developed into an international port, transforming it into a future industrial hub for the Maldives.

Kudagiri Picnic Island was created two years ago as part of a government initiative to provide a resort island for the people of the Maldives.

HDC installed Y-shaped small breakwaters throughout the island to prevent sand erosion and expand the beach. In addition, water is supplied through a seawater desalination facility, and electricity is provided by its own power plant.

Although Kudagiri is an artificial island created by reclamation, it features diverse vegetation brought from all over the Maldives, including Hulhumale, giving it the appearance of a natural tropical island. With various food and entertainment options, it has become a beloved resort destination for the people of the Maldives. HDC plans to further supplement and expand Kudagiri over the next 2 to 3 years.

Kim Yonghak, President of BMC, stated, "The Maldivian government is currently facing national challenges such as territorial expansion, overcoming sea level rise, and economic revitalization, and is undertaking various initiatives such as lagoon reclamation and bridge construction. I believe that our companies can seize opportunities amid these challenges, and BMC will do its best to establish a platform for Busan companies to enter the Maldivian market through collaboration with HDC, the local construction entity."

Busan Urban Corporation is conducting an on-site inspection of a project site in the Maldives.

This content was produced with the assistance of AI translation services.