Business

Maldives and Turkey pursue free trade agreement

Published

2 months ago

21/03/2024

Minister of Economic Development and Trade Mohamed Saeed has announced that Maldives and Turkey are actively working towards establishing a free trade agreement (FTA), aiming to elevate their bilateral relationship and enhance trade and economic ties between the two nations.

In a social media post, Minister Saeed highlighted the efforts being made to bolster trade relations following the official visit of President Dr. Mohamed Muizzu to Turkey. This visit marked a significant milestone in strengthening ties between the two countries and laid the groundwork for further cooperation.

Minister Saeed disclosed that discussions for the FTA are currently underway, with the first roundtable meeting held on March 20 to discuss on the matter. The formulation of an FTA between Maldives and Turkey signifies a commitment to fostering mutually beneficial trade relations and facilitating economic growth.

President Dr. Muizzu’s inaugural overseas visit to Turkey underscored the importance of the bilateral relationship, opening new avenues for collaboration and cooperation. During the visit, crucial discussions were held, and agreements were signed to enhance cooperation in various sectors, including investment, trade, and education.

Notable areas of discussion during the visit included the reduction of tariff rates on fish imports from Maldives to Turkey, collaboration in higher education and training, strengthening ties in high technology, and enhancing cooperation in fish processing. Additionally, discussions encompassed areas such as cybersecurity, civil defense, investment, and construction, highlighting the comprehensive nature of the bilateral relationship.

Establishing diplomatic relations with Turkey in 1979 laid the foundation for enduring ties between the two countries. The establishment of Maldives’ Embassy in Turkey on n February 13 further underscores the commitment to expanding bilateral relations and fostering closer collaboration.

Source(s): PsmNews

Business

Maldivian regional fleet grows with fourth ATR arrival

Published

6 hours 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

Business

Economic growth slowed down 4.7% in 2023.: MMA

Published

20 hours ago

08/05/2024

Maldives Monetary Authority (MMA) reports the economic growth slowed down 4.7% in 2023.

In its annual report, the central bank reported economic growth slowed owing to muddied performances in the tourism and construction industries.

While last year economic growth slowed 4.7%, it rose by 13.9% in 2022.

Tourism industry activity slipped last year because of the decline in the average duration of stay.

While tourism and construction industries, two of the major economic sectors, observed decline, other major sectors such as financial, fisheries, and private sector credit had gone up.

The Maldives government is taking corrective measures to rectify the economic growth, while President Dr. Mohamed Muizzu’s vision is to elevate the country’s national GDP to USD 12 billion, according to the Minister of Economic Development and Trade Mohamed Saeed.

Source(s): sun.mv

Business

TMA becomes first Asian operator to receive Havilland Certificate

Published

1 day ago

08/05/2024

Trans Maldivian Airways (TMA), the world’s largest seaplane operator, receives De Havilland Canada’s endorsement certificate, making it the first operator in Asia to achieve the recognition.

At the official endorsement ceremony held last Sunday, De Havilland’s Chief Executive Officer Brian Chafe awarded the endorsement to TMA Chief Executive Officer A.U.M Fazy.

De Havilland owners Sherry Brideson and Robert McDonald, along with senior representatives of the Canada’s aerospace company and TMA officiated the ceremony.

TMA Chief Fauzy had thanked De Havilland’s continued support with its Twin Otters, elevating the operator’s success.

De Havilland CEO highlighted TMA’s success of completing two million flight cycles, which he added is unprecedented anywhere else.

The Canadian aerospace company affirmed continued support to TMA in future as well.

Source(s): sun.mv