Business

Türkiye becoming strategic energy hub for Europe amid Ukraine conflict

Published

2 years ago

28/03/2022

MNN

A confidential report sent to German lawmakers underlines Türkiye’s growing importance for Germany in particular and for Europe in general following Russian onslaught on Ukraine.

Türkiye is becoming a strategic energy hub for Europe in the wake of the Russian offensive in Ukraine, according to a new report by a leading German foundation.

Konrad Adenauer Foundation’s confidential report, which was sent to conservative German lawmakers this week, recommended enhanced cooperation between Berlin and Ankara to address energy problems and security challenges.

“In terms of diversifying Germany’s energy policy, there are limited alternatives to Russia in the short term,” the report said, but underlined that Türkiye offers “real alternatives,” as European countries are seeking to reduce their dependency on Russia.

The report highlighted Türkiye’s growing role as a strategic energy hub for Europe to bring natural gas from the Caspian Basin, Central Asia, the Middle East, and the Eastern Mediterranean Basin.

According to the report, Iran’s natural gas and oil can also be transported via Türkiye, if talks on the revival of the Iran nuclear deal is successful.

“As the Israel-Türkiye cooperation on energy is now becoming more realistic, Türkiye is emerging as an energy hub,” the report stressed.

Cooperation in security and foreign policy

Konrad Adenauer Foundation prepared the report after German Chancellor Olaf Scholz’s visit to Ankara on March 14, in which he called for closer dialogue and cooperation between the EU and Türkiye.

“We will do our best to expand our bilateral relations and to realize the full potential of our cooperation,” Scholz said during his visit.

Experts of the Konrad Adenauer Foundation underlined that Germany and Türkiye should also enhance cooperation in the fields of security and foreign policy.

“The war in Ukraine has shown that despite their differences, it is necessary for Berlin and Ankara to further intensify their strategic and security partnership,” they said in the report.

“In addition to Ukraine, there are other regional crises that show the need for closer rapprochement between Türkiye and Germany, such as the fragile situation in Bosnia and Herzegovina, developments in the South Caucasus and in Afghanistan, the Russian presence in Africa, and the future orientation of the Central Asian countries.”

The report also recommended German policy makers to pay more attention to Türkiye’s security needs and its expectations from its European partners.

“Türkiye will continue to be in the Western bloc in the future and will remain the most important NATO ally on the southeastern flank,” it stressed.

“Its location makes Türkiye a key player in the South Caucasus, the Black Sea region and the Middle East, and it is of fundamental geo-strategic importance for Europe, hence Germany cannot ignore its security perceptions and interests,” it also said.

Source: TRTWorld and agencies

Business

Dubai company awarded the development of SEZ

Published

14 hours 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

2 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

4 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