Business

Overseas experts praise China’s services trade show as a critical venue for win-win collaboration

Published

3 years ago

07/09/2021

The six-day 2021 China International Fair for Trade in Services (CIFTIS) concludes on Tuesday, with firms finishing up their product and service exhibitions both offline and online, and industry experts wrapping up their thematic conferences.

Welcoming China’s global event as a crucial forum for sharing development possibilities and encouraging win-win cooperation, international experts said the successful conduct of this year’s CIFTIS despite the COVID-19 outbreak has proved China’s willingness to promote high-level opening-up.

A new, larger fair the 2021 CIFTIS, themed “Towards Digital Future and Service-driven Development,” includes a component for digital services for the first time, with up to 33 well-known firms and organizations participating.

This year’s CIFTIS attracted over 12,000 businesses, a 52 percent increase over the previous year. Representatives from 153 countries and territories registered for this year’s event, up from 148 the previous year.

Against the backdrop of the ravaging pandemic, major health care firms and medical institutes from both home and abroad are displaying their latest developments at the fair, covering topics such as smart health care, traditional medicine, and COVID-19 prevention and control.

According to Zimbabwean President Emmerson Mnangagwa, the CIFTIS is “appropriate at a time when the international economy is progressively more technology- and services-driven.”

“If trade in products was the primary engine of trade growth in the early phases of globalization, trade in services, which is technology-intensive, is likely to lead the new wave of globalization,” said Liang Guoyong, a senior economist with the United Nations Conference on Trade and Development.

The CIFTIS will definitely provide new momentum to the recovery of services trade and the global economy, as well as help mitigate the anti-globalization trend that has been expanding since the pandemic, and create an environment of international cooperation characterized by unity, openness, and inclusiveness, according to Liang.

During last year’s CIFTIS, China offered various proposals to the international community, demonstrating its commitment to increasing the size of its market cake in order to share growth possibilities with the rest of the world.

China has translated such proposals into tangible actions during the last year. Among the initiatives are the reduction of the negative list for foreign investment for four years in a row, as well as the publication of a negative list for cross-border trade in services at the Hainan free trade port.

According to the Organization for Economic Cooperation and Development, China is one of the countries with the greatest reductions in service trade restrictions in 2020.

It has bilateral services trade cooperation agreements with 14 countries and has almost 240 nations and areas with which it has economic contacts. In order to offer fruitful environment for high-quality growth, the country has also strengthened its control of the digital industry.

“China’s efforts to broaden its openness through the CIFTIS would help the world economy recover,” French writer and sinologist Sonia Bressler told Xinhua.

“If you take the services sector, it hardly existed 40 years ago when China was a peasant economy… China is developing faster in the services sector than any other country in the world,” said Stephen Perry, chairman of the 48 Group Club in the United Kingdom. “Its role in interacting with the global economy is critical.”

Perry also addressed digital cooperation within the framework of China’s proposed Belt and Road Initiative (BRI), the success of which may be due to “innovation within China that is building out along the Silk Road with foreign partners.”

On Thursday, Chinese President Xi Jinping addressed the 2021 CIFTIS Global Trade in Services Summit, unveiling a slew of new measures to further facilitate services trade, such as exploring the development of national demonstration zones to promote the innovative development of services trade and increase support for the services sector in countries participating in the BRI, and establishing (SMEs).

According to Stella Mackenzie, a senior lecturer at the University of Botswana’s Faculty of Economics and Business Development, those actions are “a reiteration of China’s continued goodwill and willingness to work hand in hand with the rest of the globe in a win-win situation.”

Source: Xinhua News Agency

Business

Economy thrives, projects speed ahead despite challenges

Published

2 days ago

18/04/2024

Before President Dr. Mohamed Muizzu assumed office, the economic condition of the Maldives was significantly deteriorating. Experts attribute the primary reason for the depreciation of the Maldivian currency to the excessive printing of money by the previous administration.

According to statistics from the Maldives Monetary Authority (MMA), more than USD 518.04 million was printed over the last three consecutive years, marking a historic high compared to USD 388.53 million printed over 40 years.

Additionally, upon assuming office, President Muizzu inherited a heavy debt burden. The total debt amounted to over USD 7.71 billion, with a significant portion owed to companies for upcoming parliamentary elections and previously initiated projects, totaling USD 584.88 million.

Despite these challenges, President Muizzu has been proactive in rejuvenating the Maldives’ economic status. Within three months of his tenure, USD 35 million has been deposited into the sovereign development fund. The President estimates that more than USD 100 million will be deposited into the fund by the end of the year.

discontinuation of printing money has been regarded as a pivotal step towards economic progression for the Maldives

President Muizzu’s commitment to revitalizing the Maldivian economy without resorting to the printing of money is indeed a significant pledge. By discontinuing the practice of printing money, the government aims to address economic challenges while ensuring fiscal responsibility and long-term sustainability.

The decision to immediately halt the printing of money upon assuming office underscores President Muizzu’s determination to prioritize sound monetary policy. This move reflects an acknowledgment of the risks associated with excessive money printing, including inflation and currency devaluation, and signals a commitment to addressing these challenges through prudent financial management.

Furthermore, President Muizzu’s plans to boost the country’s prosperity and income by reducing reliance on loans and settling debts owed to both foreign and domestic entities demonstrate a holistic approach to economic revitalization.

attracting a vast pool of investors

The efforts of the present administration to attract a wide range of investors reflect a strategic approach to addressing the significant development needs of the Maldives. By engaging in investment forums both domestically and abroad, the government has been successful in showcasing the diverse investment opportunities available in the country.

The decision to host investment forums in countries like China and the UAE demonstrates a proactive approach to international investment promotion. These forums serve as platforms for highlighting the potential for investment in key sectors such as infrastructure, tourism, and hospitality. By creating awareness about these opportunities, the government aims to attract investors who are interested in contributing to the development of critical projects, including the establishment of bridges, domestic airports, and resorts.

Over 500 projects underway

The continuation of 527 projects, including those that faced interruptions due to non-payment to companies during the government transition, underscores the commitment of President Muizzu’s administration to ensure continuity and progress in ongoing initiatives. Despite the challenges encountered, efforts have been made to address issues such as delayed payments and optimize project expenses to keep important projects on track.

It’s notable that the current year’s budget, initially approved by the prior administration, may not have fully aligned with President Muizzu’s priorities and rules for project implementation. This misalignment may have resulted in some projects not receiving adequate budget allocations or not being included in the budget at all. However, the administration has taken steps to optimize expenses and prioritize projects that align with President Muizzu’s vision for development

Initiatives to enhance economic growth and foster sustainable growth

The International Monetary Fund (IMF) has recognized President Muizzu’s initiatives as some of the strongest implementations seen among world leaders, emphasizing their potential for substantial progression. The IMF applauded the government’s decision not to overdraw the government’s account and expressed its readiness to provide any assistance needed. This endorsement from the IMF underscores the effectiveness of President Muizzu’s economic policies and strategies.

Additionally, the Maldives National Chamber of Commerce and Industries has voiced support for the government’s initiatives, recognizing them as favorable for the Maldivian future as a growing economy. Despite challenges such as a shortage of dollars for small businesses, the Chamber remains optimistic that the government’s decisive actions will lead to economic growth and stability in the value of the dollar.

The government has projected a 5.5 percent economic growth rate for this year, indicating confidence in the trajectory of the economy under President Muizzu’s leadership. Furthermore, President Muizzu revealed a significant reduction in the country’s primary debt balance, from USD 103.61 billion last year to USD 8.68 million in the current year. This reduction in debt, achieved within just four months, demonstrates the government’s commitment to fiscal responsibility and its ability to effectively manage the country’s finances.

Overall, these developments indicate that the government’s economic rejuvenation efforts have been successful, earning the confidence of global financial institutions in the Maldives’ future economic prospects.

Source(s): PsmNews

Business

Council to issue 14 plots in Hanimaadhoo for tourism development

Published

4 days ago

15/04/2024

Haa Dhaalu atoll Hanimaadhoo island council has announced a 50-year lease on 14 plots from the island for tourism development purposes.

In the announcement put on gazette by the council, it has opened bid opportunity for interested bidders to lease the plots from Hanimaadhoo’s tourism zone.

The council has announced lease of 5,000 square feet plots for a 50-year lease period, for which interested proponents are required to register for the bids before 13:00hrs on April 30th, 2024.

For proponents wishing to mail the bid registration form, they can mail it to info@hanimaadhoo.gov.mv.

Proponents must furnish a bid registration, non-refundable, fee of MVR 1,000 for the 5,000 square feet plots. If proponents wish to acquire more than one plot, then they must pay MVR 1,000 per plot.

If the council annuls the announcement, it said the registration fees will be refunded to the proponents, and added the proponents will receive bid books upon registration.

Bid acceptance and opening are scheduled for April 30th, 2024 as well.

While the Hanimaadhoo International Airport is under an expansion project, the island has been putting efforts to increase its local tourism activities as well.

During his last month visit to Hanimaadhoo, President Dr. Mohamed Muizzu said the airport’s expansion will contribute towards increased tourism activity in the island.

He also said sustainable development cannot be achieved without individual development of key regions which include Hanimaadhoo as well.

Source(s): sun.mv

Business

Maldives signs with Chinese firm for Laamu Integrated Maritime Hub Project

Published

1 week ago

12/04/2024

Agreements pertaining to the Laamu Integrated Maritime Hub Project have been signed with a Chinese company, aiming to accomplish the commitments made by President Dr. Mohamed Muizzu. The contract laying groundworks for this transformative endeavor was signed by the Chief Executive Officer (CEO) of Maldives Ports Limited (MPL) Mohamed Wajeeh and the General Manager of CAMC Engineering Li Wei Wei.

Outlined within the agreement are details of six subprojects:

Launching offshore bunkering services
Developing a cruise terminal
Establishing a super yacht marina
Developing Gaadhoo as an Eco-resort
Establishing a facility to store regionally produced food items
Building a transshipment port

Providing insight into the developmental project, CEO Wajeeh underscored MPL’s ongoing efforts to secure a relevant market. He envisioned attracting international shipping lines to the transshipment port, anticipating a significant economic boost from even a single shipping line. Discussions are also underway with cruise operators to initiate cruise terminal operations.

MPL disclosed proposals from two companies to assist in providing bunkering services. While Vitol Bunkering, currently involved in developing bunkering facilities in Haa Alif Atoll, is one of them, the second company expressing interest hails from Dubai.

The establishment of a commercial port and a harbor including logistics is a commitment outlined in the governments’ manifesto.

Source(s): PsmNews