Business

Trade, investment crucial for continued recovery: WEF

Published

4 months ago

19/01/2024

DAVOS, Switzerland, Jan. 18 (Xinhua) — Trade and investment remain essential for the continued recovery of the global economy, participants said at the 54th World Economic Forum (WEF) Annual Meeting here this week.

“Without a free flow of trade, I don’t think we can recover,” Ngozi Okonjo-Iweala, director-general of the World Trade Organization (WTO), said in a session exploring the role of trade and investment as a driver of economic growth.

Stressing a two-way relationship between growth and trade, she said the WTO is negotiating an investment facilitation agreement with 110 countries, in an effort to help developing countries “sweep away barriers” for investment to flow in and revitalize trade and growth.

According to Okonjo-Iweala, the WTO was “slightly less optimistic” about its projected 3.3 percent growth in commodity trade this year due to the tensions in the Red Sea and the downgrade of global growth.

“We are revising it, but I do not have the new numbers,” she said.

In October, the WTO more than halved last year’s global commodity trade forecast to 0.8 percent, compared to 1.7 percent estimated in April, but maintained its 3.3 percent growth forecast for 2024.

Global trade leaders at the WEF see significant opportunities for investment in growth across global supply chains, such as digital trade, services and green trade.

A mindset shift is needed, where trade and globalization are “embraced politically,” said Khaldoon Khalifa Al Mubarak, chief executive officer and managing director at Mubadala Investment Company of the United Arab Emirates. “With economic development comes prosperity, with prosperity comes stability, with stability, ultimately, you have peace.”

Greek Prime Minister Kyriakos Mitsotakis said that geopolitical instability also poses risks to supply chains and international trade.

Talking about the European Union’s (EU) role in securing trade that would recover global growth, EU Commissioner for Trade Valdis Dombrovskis said the 27-member bloc is committed to preserving a rules-based multilateral trading system.

He said the geopolitical context is changing and becoming much more conflictual, posing the risk of economic fragmentation.

As the largest trading block in the world with the most comprehensive network of free trade agreements, the EU has a lot at stake when discussing the global trading system, he added.

“We really need to revive growth and investment, to see an inclusive job creating, and sustainable recovery,” WEF President Borge Brende said.

Under the theme “Rebuilding Trust,” the WEF annual meeting, scheduled for Jan. 15-19, focuses on four priorities: achieving security and cooperation in a fractured world; creating growth and jobs for a new era; harnessing artificial intelligence as a driving force for the economy and society, and formulating a long-term strategy for climate, nature, and energy.

Source(s): Xinhua

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

2 days 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

6 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

1 week 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