Minister of Economic Development Fayyaz Ismail has revealed that the installation of the international submarine cable will lower the price of internet services.
Minister Fayyaz said the government is prioritising diversifying the economy with the use of information technology. The minister said the project to install submarine cables to connect to an international submarine cable system is part of the efforts to reduce the price and increase the quality of internet services.
Moreover, he added that internet services will be provided using the submarine cable in 2023 and that it will bring significant changes to the ICT sector by allowing foreign companies to establish data centres in the country.
Ocean Connect Maldives (OCM), a subsidiary of the 100% government-owned Maldives Fund Management Corporation Limited (MFMC), signed an agreement with Reliance Jio Infocomm Limited of India to establish a direct connection to the India-Asia-Xpress (IAX) submarine cable. The project will provide international gateway connections to the East and the West, enabling direct integration from Singapore to Europe while foregoing existing reliance on third-party hubs such as Sri Lanka.