Business

Erdogan: Turkiye’s share in global trade exceeds 1% for first time

Published

2 years ago

04/01/2022

MNN

Turkiye’s foreign trade volume hit almost $500 billion in 2021 from less than $88 billion in 2002, says President Erdogan.

Turkiye’s share in the global trade exceeded one percent for the first time in 2021, President Recep Tayyip Erdogan has said, citing the newly announced export figures.

While the global goods trade decreased 10 percent in 2021, Turkiye achieved to increase its exports by 33 percent, Erdogan told reporters following a Cabinet meeting in the capital Ankara on Monday.

Compared to 2002, when Turkiye’s annual exports were $36 billion, they increased by six times, he stressed, as Monday’s figures showed that the country’s exports reached $225.37 billion last year.

He also said that Turkiye’s foreign trade volume hit almost $500 billion in 2021, while it could not reach $88 billion in 2002.

New tourism target

Last year, the foreign trade deficit decreased to $46 billion, while the export-import coverage ratio reached 83 percent, which was 51 percent in the early 2000s.

In the tourism field, Turkiye hosted 29 million foreign visitors in 2021 and earned $24 billion, up by 83 percent and 100 percent, respectively, compared to 2020.

The country’s new tourism target is to surpass the pre-pandemic level, Erdogan said.

In order to ease the burden of high gas and electricity bills on citizens, the president said, his government gave a subsidy of $9.5 billion on natural gas, $2.4 billion on electricity and $7.7 billion on automobile fuel.

He said: “During the pandemic, oil prices almost doubled, coal prices increased by three to five times, natural gas prices increased six to 10 times, metal and mineral prices increased by 50 percent and agricultural products prices increased by 25 percent.

“Due to the excessive rise in energy prices, many countries had to increase their electricity tariffs by an average of three times, while we followed a way to protect our citizens.”

World’s top 10 economies

“We provide $7,659 support to businesses that maintain the number of employees in the last 12 months and commit to employ our vocational high school or university graduates for at least 12 months,” Erdogan said.

Touching on the country’s foreign currency-protected Turkish lira deposit accounts, he said that citizens have so far deposited $5.97 billion to these accounts.

While the global trade volume shrank by 5.3 percent in 2020, Turkiye grew by 1.8 percent, Erdogan said, adding the growth of 7.4 percent in the first quarter of 2021, 22 percent in the second quarter and 7.4 percent in the third quarter is the sign of double-digit growth in 2021.

“We are approaching step by step towards Turkiye’s goal of becoming one of the world’s top 10 economies with its performance,” he added.

He said salaries of civil servants have increased by 30.5 percent in 2022 and the minimum pension amount increased to $191 from $114.

Inflation

Touching on the inflation issue, he said the US saw the highest inflation figures in 40 years, Germany in 30 years and the UK in 10 years. “Like others, there is a reality of inflation in front of our country.”

“We regret that our annual inflation hit 36 percent. We are determined to break the neck of the inflation, which we reduced to 6 percent in our country before, and we will reduce it back to single-digit as soon as possible,” he underlined.

“We have taken special measures … A 50 percent increase in the minimum wage is one such example,” he added.

Source: AA / TRT

Business

Council to issue 14 plots in Hanimaadhoo for tourism development

Published

3 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

6 days 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

Business

India approves highest-ever export quotas for essential commodities to Maldives

Published

2 weeks ago

06/04/2024

India has approved highest-ever export quotas for essential commodities to Maldives for the year 2024-25, including eggs, wheat flour and onions, as well as river sand and stone aggregates.

In a statement on Friday, the Indian High Commission said the quota for export of essential commodities was renewed at the request of the Maldivian government.

“The approved quantities are the highest since this arrangement came into effect in 1981,” reads the statement.

The quota for river sand and stone aggregates, crucial items for the booming construction industry in the Maldives, have been increased by 1,000,000 MT. There has also been an increase of 5 percent in the quotas for eggs, potatoes, onions, sugar, rice, wheat flour and dal (pulses).

The export quota approved for 2024-25:

Eggs: 427,536,904.20
Potatoes: 21,513.08 MT
Onions: 35,749.13 MT
Rice: 124,218.36 MT
Wheat flour: 109,162.96 MT
Sugar: 64,494.33 MT
Dal: 224.48 MT
Stone aggregate: 1,000,000 MT
River sand: 1,000,000 MT

Despite global restrictions on the export of rice, sugar, and onions from India last year, New Delhi continued to provide these crucial commodities to the Maldives.

The high commission said the move underlines India’s strong committed to supporting human centric development in the Maldives, as part of its ‘Neighborhood First’ policy.

Maldivian Foreign Minister Moosa Zameer on early Saturday said India’s gesture to renew the quota to allow the export of certain quantities of essential commodities signifies the longstanding bilateral friendship, and the commitment to further expand trade and commerce.

“I sincerely thank EAM @DrSJaishankar and the Government of #India for the renewal of the quota to enable #Maldives to import essential commodities from India during the years 2024 and 2025. The newly approved quantities of essentials have been increased under the unique bilateral mechanism between the two countries, even as ties between Male and New Delhi remained tense in recent months,” Zameer said in a post on X.

His Indian counterpart, Dr. S. Jaishankar, responded that “India stands firmly committed to its Neighborhood First and SAGAR policies.”

Source(s): sun.mv