Gayoom Tells Singapore To Invest In Maldives

President Maumoon Gayoom advised Singapore’s top entrepreneurs to invest in the Maldives during a keynote speech he delivered at the Maldives Business Symposium on Friday.

During his speech, Gayoom said that the Maldives offered a “very attractive and stable environment” for foreign investors and stressed that the commercial ties between the Maldives and Singapore have not reached their maximum potential.

Singapore is currently the Maldives’ largest trading partner with over a quarter of the total imports to the Maldives coming from the country. The annual value of the imports is over US$ 200 million.

In his speech, Gayoom stressed that the Maldives had over US$100 million worth of foreign direct investment from Singapore and said he was confident that more Singaporean companies would invest in the Maldives due to the country’s current expansion in tourism.

Gayoom delivered his speech during a three-day, state visit to Singapore, which began on 18 January.

Speaking at a banquet welcoming Gayoom, Singapore’s President, S. R. Nathan, noted that his country’s investments in the Maldives have nearly doubled from the year 2000 to 2004. He also pointed to the fact that Singapore Airlines was one of the few airlines to have daily flights to and from the Maldives.

The Minister of Economic Development and Trade in Singapore, Mr. Mohamed Jaleel, also said he was convinced that Gayoom’s visit would boost trade and investment ties between the Maldives and Singapore.

The Business Symposium, which was attended by over 100 top entrepreneurs and investors, was jointly organised by the Maldives Government Trade Centre (MGTC) in Singapore and the Foreign Investment Service Bureau (FISB).

It was the first time the event had occurred.

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