Business

Asia remains attractive destination for global investment

Published

1 month ago

27/03/2024

BOAO, Hainan, March 27 (Xinhua) — Asia remains a dynamic and attractive destination for global investment, said attendees at a sideline forum of the Boao Forum for Asia (BFA), which convenes its 2024 annual conference in Boao, a resort town in southern China’s Hainan Province.

According to the forum’s Asian Economic Outlook and Integration Progress flagship report, Asian economies demonstrated strong resilience in investment activities in 2022. Foreign direct investment (FDI) flows into Asia-Pacific economies amounted to 809.4 billion U.S. dollars, growing by 6.76 percent over the previous year and accounting for 62 percent of international FDI inflows.

Asia has been a significant beneficiary of FDI, said Shamshad Akhtar, Federal Minister for Finance, Revenue and Economic Affairs of Pakistan, while noting the role of FDI in Asia’s development at the sub-forum with a theme of “Investing the Future of Asia.”

It is important to recognize that Asia, particularly emerging markets, is now on its own development momentum. Asia have become the world’s manufacturing and trade hub supported by foreign capital and investments, she noted.

In 2022, Asian economies attracted a total of 8.8 trillion U.S. dollars in portfolio investment, and China’s stock of portfolio investment surpassed 1 trillion U.S. dollars for the first time, said the report.

Speaking at the forum, Charles Dallara, a member of the Board of Directors of Partners Group, said foreign investments are supporting the global market developments and Asia is really a dynamic and attractive location for investments, especially FDI.

Among Asian economies, China is a very attractive destination for FDI, he said, adding that at the same time, a large amount of capital from China has flowed to other countries and many Chinese businesses and enterprises are investing in the United States, Europe, Japan and Southeast Asia.

Officials and experts also voiced opinions on how to boost investor confidence, improve the investment environment, and enhance investment destinations’ attractiveness in Asia.

Geopolitical influence, rule of law, market potential, industrial system, labor forces, market players, and policy support are factors that affect the inflow of FDI, said Xu Zhibin, deputy administrator of the State Administration of Foreign Exchange.

Governments also play an important role in attracting global capital, said Shimizu Tokiko, assistant governor of the Bank of Japan, adding that Asian countries have resilient economy and governments should have consistent policy arrangements and provide a clear map on its own development for investors.

According to the report, the Asian economy is expected to grow by around 4.5 percent in 2024, surpassing that of 2023, and continue to be the largest contributor to global economic growth.

With a founding purpose to promote economic integration in Asia, the mission of the BFA is to pool positive energy for the development of Asia and the world. The BFA annual conference 2024 runs from March 26 to 29.

Source(s): Xinhua

Business

Maldivian regional fleet grows with fourth ATR arrival

Published

9 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

23 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