Business

Prominent businessman Mohamed Firaaq raises concerns about the current economic situation

Published

2 years ago

13/12/2021

Firaaq, Managing Director of Inner Maldives Pvt Ltd has raised concerns complained about the Government’s incapacity to deliver development and the resultant insolvency of businesses.

In the concerns tweeted by Firaaq it states that his company is bringing Farm-fresh broilers with the potential to manufacture and market more than 20,000 chicken in order to deliver fresh food to the people at accessible costs. In the last two years, the Gallus Gallus Domesticus farm project had been completed.

After failing to start work on the farm on schedule owing to the COVID-19 epidemic, the corporation is now making final preparations to start work on the farm. In this regard, plans are being made to transport the 2000 chicks, who are only a day old, as well as the sustenance they require, to Addu via Sri Lankan Airlines on Colombo Road.

The article highlights the fact that such import-replacement and food goods are exclusively imported to Male’ Commercial Bar or Velana International Airport and that is one of the most significant impediments to introducing these products into the country. According to the article, there is no provision or arrangement in Addu City for the importation of Day-Old Chicken’s (DOCs) through an air or sea port.

According to the Ministry, as a temporary solution, staff of the Ministry can be deployed to Addu city to make arrangements to import directly to Addu, with the company providing return flights and expenditures. The decision was made with the corporation bearing the cost of hiring Ministry staff who are necessary to import thousands of chicks over several days, or transit in Male’ city and transferred to Addu city. Due to the high mortality rate of the chicks whilst being transported, there’s a chance that the company’s product prices may rise, and cause market losses for the company.

When the councils are attempting to influence government policy in order to decentralize administration and empower local councils, and when the voices of individuals who provide public services are loud, the city’s ministry or council’s inability to accomplish what should be done for the convenience of citizens should be a source of embarrassment for the city because of the difficulties residents face and the lack of development facilities, cited the article.

The delay in investing millions of Rufiyaa in the city will cause the loss of jobs for many employees of the city, as well as a huge loss to the company’s and city’s economy and development.

To avoid squandering the company’s years of investment, the company requests the Addu City Council’s cooperation in providing all feasible assistance to such vital projects in Addu City.

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

13 hours ago

16/05/2024

Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

Business

Dubai company awarded the development of SEZ

Published

5 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

6 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