Business

Argentina joins China’s trillion-dollar Belt And Road Initiative

Published

2 years ago

07/02/2022

MNN

Chinese firms have so far invested more than $20 billion in non-financial direct investment on projects in Belt and Road Initiative countries in 2021.

China has welcomed Argentina into its global Belt and Road Initiative as President Xi Jinping capped a weekend of frenetic diplomatic activity on the sidelines of the Winter Olympics.

China and Argentina have inked an agreement on “jointly promoting the construction of the Silk Road Economic Belt and 21st Century Maritime Silk Road”, marking Argentina’s entry into the initiative, state broadcaster CCTV reported on Sunday.

China’s BRI is a trillion-dollar push to improve trade links across the globe by building landmark infrastructure, and the inclusion of Argentina is a major win for Beijing in Latin America.

Chinese companies invested more than $20 billion in non-financial direct investment on projects in BRI countries in 2021, according to China’s commerce ministry.

The deal came as Argentine President Alberto Fernandez made a three-day visit to China during which both sides also said they would continue to support each other on issues concerning sovereign interests.

Xi meets Khan

Xi also met with Pakistani Prime Minister Imran Khan on Sunday, shortly after Pakistan’s army said troops had put an end to four days of assaults by separatists in Balochistan province.

China has invested significantly in the region where separatists have waged an insurgency for years, fuelled by anger that its abundant reserves of natural resources are not relieving citizens from crushing poverty.

During the meeting, Xi stressed that “the Chinese side firmly supports Pakistan in safeguarding its national independence, sovereignty and dignity, as well as in combating terrorism”, according to state media.

He added that China is willing to work with Pakistan in “aligning development strategies”.

First face-to-face meetings in two years

Xi has not left his country since the coronavirus first emerged in the city of Wuhan, with China now the only major economy still pursuing a strict zero-Covid strategy.

But the Beijing Games have allowed Xi to hold a flurry of face-to-face meetings with those world leaders for the first time in nearly two years.

His most significant meeting took place on Friday when Xi held talks with Russia’s Vladimir Putin just before the opening ceremony of the Olympics.

Xi also met with Polish President Andrzej Duda and Singaporean President Halimah Yacob on Sunday.

Source: TRTWorld and agencies

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

18 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