Business

5-year plan to speed up integration of digital, real economies

Published

2 years ago

01/12/2021

MNN

China’s top industry regulator unveiled a five-year plan on Tuesday to accelerate the integration of digital and real economies amid a broader push to lay down policy framework for the nation’s industrial development until 2025.

The Ministry of Industry and Information Technology said accelerating the deep integration of information technologies in all industrial chains is of great significance to promote industrial digitization and digital industrialization in the new era.

According to the five-year plan, the ministry will adopt five special initiatives, including promoting manufacturing digital transformation and industrial internet platforms, to advance industrial upgrade.

Xie Shaofeng, director of the information technology development department at the MIIT, said the five-year plan put forward both quantitative and qualitative objectives. For instance, by 2025, the nation aims to grow the penetration rate of industrial internet platforms to 45 percent and the popularization rate of digital research, development and design tools to 85 percent.

The ministry said the integrative development of”5G plus industrial internet” is on a fast track in China. At this time, more than 100 influential industrial internet platforms have also been built. In addition, more than 1,800 5G plus industrial internet projects are under construction in China, covering 10 important industries including mining, coal and electricity.

Ni Guangnan, an academician at the Chinese Academy of Engineering, said the intensified efforts to accelerate the development of the industrial internet will greatly improve production efficiency. Over the long term, it will boost the competitiveness of China’s manufacturing on the global stage.

On Tuesday, the MIIT also unveiled a five-year plan to cultivate the nation’s big data industry. According to the plan, by 2025, the estimated scale of China’s big data industry will exceed 3 trillion yuan ($471 billion), up from more than 1 trillion yuan in 2020, and the average compound annual growth rate will be maintained at about 25 percent.

Xie said China’s big data industry has grown quickly over the past five years, with the average compound annual growth rate exceeding 30 percent.

He said the next five years will be an important period to build China into a manufacturing and digital powerhouse, which thus means new and higher requirements for the development of big data industry.

Market research company International Data Corp predicts that by 2025, China’s data will account for 27.8 percent of the world’s total, ranking it first worldwide.

Sun Ke, deputy director of the institute of political science and economics at the China Academy of Information and Communications Technology, a Beijing-based think tank, said that in the era of industrial digital economy, a large quantity of industrial data will be connected to the internet, which will further drive the development of the big data industry.

By Ma Si | China Daily

Business

Dubai company awarded the development of SEZ

Published

3 days ago

12/05/2024

An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews

Business

Over USD 713M generated attributing to revenue increasing by 3.7%

Published

4 days ago

11/05/2024

Ministry of Finance has revealed a remarkable surge in the government’s revenue generated as of April 25, which exceeds USD713 million. The latest weekly fiscal report publicised by the ministry indicates that this contributes to a 3.7% increase in revenue in comparison to the revenue of USD693 million, generated within the same period, in 2023.

The fiscal report shows that the revenue comprises USD 596 million in tax revenue, USD116 million in non-tax revenue, and USD3 million in aid received. Tax earnings include import duty, business and property tax (BPT), goods and services tax (GST), as well as earnings from GST. The breakdown of revenue generation includes USD45 million from import duties, USD168 million from BPT, USD330 million from GST, USD24 million from green tax, USD22.6 million from airport service charges, and departure tax.

Expenditures until April 25 totalled USD817 million, with USD629 million allocated to recurrent expenses and USD181 million to capital expenditures. This represents a significant reduction in expenditures compared to the USD244 million spent by the government in 2023, during the corresponding timeframe. Recurrent expenses cover USD207 million for salaries and allowances and USD408 million for administrative work. Meanwhile, capital expenditure primarily encompasses expenses related to structural development.

Source(s): PsmNews

Business

Maldivian regional fleet grows with fourth ATR arrival

Published

6 days ago

09/05/2024

Maldivian, the national carrier of the island nation on Wednesday, announced the arrival of its newest addition to the fleet, a fourth ATR 42-600 aircraft.

The new aircraft added to the carrier landed at Velana International Airport some time on Wednesday.

In order to commemorate the milestone, a special ceremony was held at VIA which was attended by distinguished guests, officials and key partners.

The new aircraft, Maldivian added, will enhance the airline’s capacity to serve more routes and provide increased connectivity for both locals and tourists. Moreover, this fleet expansion also reflects Maldivian’s commitment to offering exceptional service and convenience to its passengers.

At Wednesday’s event to welcome the new ATR aircraft, Maldivian’s Managing Director Ibrahim Iyas emphasized the importance of the new aircraft in the company’s growth strategy.

“We have made great strides toward achieving both operational excellence and a greater passenger experience with the addition of this brand-new ATR aircraft to our fleet,” Iyas commented.

“This aircraft offers an unprecedented level of comfort thanks to improved interior humidity control and much lower noise levels. Modern avionics and exceptional fuel economy which further support our dedication to sustainability while maximizing performance throughout our expanding network.”

Maldivian fleet currently has 25 aircraft which include an Airbus A320 commercial carrier, four ATRs, nine Dash-8 series aircraft and eleven Twin Otter seaplanes.

Source(s): sun.mv