Business

Japan, Russia strike fishing quota deal despite tensions over Ukraine

Published

2 years ago

25/04/2022

MNN

Japan and Russia have agreed to set a catch quota of 2,050 tonnes for salmon and trout this year.

Japan and Russia have reached an agreement over Tokyo’s annual catch quota for Russian-born salmon and trout.

The deal was announced by the Japanese Fisheries Agency on Saturday despite chilled relations between the two sides over the conflict in Ukraine.

The agreement on Japan’s quota for the popular fish in waters near disputed islands north of Hokkaido is a relief for Japanese fishermen who were worried about the prospects amid worsening ties between the two governments.

Japan and Russia concluded talks on Friday, setting a catch quota of 2,050 tonnes for salmon and trout this year in Japan’s 200-nautical-mile exclusive economic zone, the fisheries agency said in a statement.

The quota is unchanged from last year, and Japan will pay $1.56-2.34 million in fees — depending on the actual catch — to Russia.

The deal will be formally signed on Monday, the agency said. The payment for the fish of Russian origin is stipulated under the United Nations Convention on the Law of the Sea.

This year’s annual fishing quota negotiations began this month after the usual salmon season in the region started.

The agreement only settles the quota within Japan’s economic zone, but Japan still needs to negotiate a quota within the Russian EEZ.

Since the start of Russia-Ukraine conflict in late February, Japan has imposed a series of sanctions against Moscow.

These sanctions are largely in line with measures taken by other Group of Seven countries, including freezing the assets of Russian leaders, billionaires and groups, restricting trade and revoking Moscow’s “most favoured nation” trade status.

In an apparent reprisal, Russia has announced a suspension of peace treaty talks with Japan that included negotiations over the disputed islands that Tokyo desperately wants to regain control of.

Source: TRTWorld

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

11 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

5 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