Business

China demonstrates remarkable economic resilience: Malaysian FM

Published

3 years ago

30/09/2021

MNN

China has shown exceptional economic resilience in the face of the COVID-19 pandemic and other challenges, Malaysian Foreign Minister Saifuddin Abdullah said on Tuesday.

Speaking at an event hosted by the Chinese embassy in Kuala Lumpur to mark the 72nd anniversary of the founding of the People’s Republic of China which falls on Oct. 1, Saifuddin said the country’s dynamic leadership has allowed all its people to share the benefits of its national prosperity.

“The country has demonstrated remarkable economic resilience and development, marking a positive growth outlook at the world level,” he said.

Saifuddin added that bilateral relations between both countries “have never been better” and thanked China for its contributions to Malaysia in the form of vaccines and other assistance.

“As the Chinese proverb says, ‘true friendship is forged in difficulty.’ Since the outbreak of the COVID-19 pandemic, both countries obviously have faced too many tests. I am content that our bilateral relations have become stronger during this difficult time as we came to each other’s aid,” he said.

For his part, Chinese Ambassador to Malaysia Ouyang Yujing said the year of 2021 is a significant milestone for China in having eliminated absolute poverty and celebrating the 100th anniversary of the Communist Party of China (CPC), among others.

He noted that China will supply some 2 billion doses of its COVID-19 vaccines to the world, after having already provided more than 1.25 billion doses of finished and bulk vaccines to over 100 countries worldwide and the COVAX facility.

“Along this momentous journey during the past 72 years, China has kept forging ahead despite challenges and difficulties.

“Standing at this new starting point, China will stay committed to peace, development, cooperation and mutual benefit, expanding friendship and cooperation with other countries, and promoting a new type of international relations,” he said.

KUALA LUMPUR, Sept. 28 (Xinhua)

Business

Maldives records USD 802.2 million in first four months

Published

17 hours ago

19/05/2024

The Ministry of Finance has disclosed that the state received USD 802.2 million in revenue during the first four months of this year, marking a significant 4.2% increase compared to the same period last year.

This revenue breakdown comprises USD 660 million in tax revenue, USD 129.4 million in non-tax revenue, and USD 5 million in aid to administration.

Tax revenue is primarily derived from Import Duty, Business and Property Tax (BPT), and Goods and Service Tax (GST), with figures as follows:

– Import Duty: USD 60.3 million
– BPT: USD 168.2 million
– GST: USD 375.2 million
– Green Tax: USD 27 million
– Airport Service Charge and Departure Tax: USD 25.1 million

Moreover, financial data indicates that the current administration has notably reduced overall expenses compared to the previous year.

Total government expenditures for the first four months of this year stand at USD 925.1 million, a significant decrease from last year’s USD 1.04 billion. This includes USD 724.6 million in recurrent expenses and USD 194.1 million in capital expenditure. Recurrent expenses prominently consist of USD 284.7 million in salaries and allowances and USD 433.4 million in administrative expenses, while capital expenditures primarily involve infrastructural development projects.

Source(s): PsmNews

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

3 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

1 week 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