Business & Tourism – Page 2 – Minivan News

Sino-Maldives relations at ‘an all-time high,’ says President Yameen

Sin-Maldives bilateral relations are at an “all-time high” with the establishment of a cooperative partnership between the countries last year, President Abdulla Yameen has said.

President Xi Jinping in his historic state visit in September invited the Maldives to “journey with China on the high-speed bullet train to progress and prosperity,” President Yameen said in his keynote address at the opening ceremony of the 10th China-South Asia Business Forum yesterday.

“This was an invitation that my people accepted wholeheartedly. We needed no second invitation,” he said.

“With our first class tickets, we have taken our seats in the Maldives’ cabin. We are belted up and awaiting the station master’s signal.”

A ‘Joint Committee on Trade and Economic Cooperation’ was established following the leadership visits in 2014, Yameen noted, and many agreements were signed on tourism, maritime cooperation, defence, and “a number of ambitious infrastructure development programmes.”

Yameen said China’s role in the Maldives’ economic development is “unmistakable” with Chinese visitors accounting for a third of annual tourism arrivals.

“It is also among the highest value and fastest growing markets, with a staggering 92 percent of visitors coming to our serene shores for the first time,” he added.

The Maldives has also become one of the first partners in the Chinese ‘Maritime Silk Route’ initiative and a founding member of the new Asian Infrastructure Investment Bank (AIIB), Yameen continued.

“I have always believed that economics and not politics present us with the pragmatic solutions needed to overcome our current development challenges,” he said.

Yameen said he was elected with a “clear mandate to transform the country’s economic fortunes” by creating jobs for youth, restoring macroeconomic stability, and inspiring investor confidence.

China has meanwhile presented to the Maldives and other South Asian countries a “golden opportunity of infrastructure development” through the Silk Road initiative, the AIIB, and joint economic commissions, he said.

The 21st century is the “Century of Asia,” Yameen said, and no Asian country showcases the industry and potential of Asians more than China.

“Transcending from the outdated geopolitics of suspicion and imperialism, China has presented to the world a clear vision of ‘win-win’ cooperation, based on trust, sincerity and support,” he suggested.

“The initiative to jointly build the Belt and Road, embracing the trend toward a multipolar world, economic globalisation, cultural diversity and greater IT application, is designed to uphold the global free trade regime and the open world economy in the spirit of regional cooperation.”

The Maldives and other South Asian countries can be beneficiaries of the the initiative and “can look forward to all-dimensional, multi-tiered and composite connectivity networks, and the realisation of diversified, independent, balanced and sustainable development.”

Development projects

Many of the government’s planned ‘mega projects’ are benefiting from Chinese support and assistance, Yameen said, adding that civil works on the construction of a bridge connecting Malé and its suburb Hulhumalé – to be called the “China-Maldives Friendship Bridge” – will begin at the end of the year.

He added that “a major portion of the airport development will also bear the hallmark of Chinese cooperation.”

During his ongoing visit, President Yameen met Chinese Vice President Li Yuanchao on Thursday and signed an agreement on carrying out the feasibility survey for the bridge project with Chinese grant aid.

Other development projects, such as a link road in Laamu atoll and a social housing programme, are also being carried out by “Chinese contractors with Chinese funding.”

“The outlook is bright for the Maldives. Investor confidence in the country is today at an unprecedented and previously unattained level,” he said.

“We are implementing a number of strategic measures to entice major investors to the Maldives, including some of China’s largest overseas contractors and investors. We have recently passed a Special Economic Zones Act, which gives new incentives for large-scale investment projects.”

An investor forum is due to take place later this year in Beijing, Yameen noted, and the government hopes to promote its future development projects “while tapping into the vast trade and investment potential offered to South Asia by the Chinese government.”

“Furthermore, the ongoing dialogue to establish a Free Trade Area with China and expanding the trade benefits that we enjoy with India through the SAFTA mechanism of SAARC will further enhance the investment potential of the Maldives, especially in the trading and shipping sectors,” he said.

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Chinese investment in Maldives tourism ‘expected to rise’

Tourism minister Ahmed Adeeb has said he expects an increase in Chinese investment in Maldives tourism following the lease of a second island for resort development to Chinese companies.

The joint venture -between China’s Guandong Beta Ocean and a Maldivian company – were awarded Vaavu Atoll Kunaavashi this week to develop a five-star luxury resort with some 142 rooms.

“More Chinese investors will follow. There is a lot of interest, from Sri Lankan and Singapore companies as well,” Adeeb told Minivan News today.

The tourism ministry in May also signed an MOU with the state-owned China Machinery Engineering Corporation (CMEC) to develop Thaa Atoll Kalhufahalafushi as a resort.

Chinese tourists accounted for nearly one third of arrivals in 2014 with a total of 363,626 arrivals. China now represents the single biggest source market for tourists in the Maldives with a 30 percent market share.

On Monday, Adeeb said China’s Ambassador to the Maldives, Wang Fukang, had pledged to increase Chinese arrivals to one million. The venture would require extensive infrastructure developments, such as airport developments and building new resorts to increase the total bed capacity of the country, he said.

Mifzal Ahmed, the director of strategy and business development at privately owned airline Mega Maldives, said he hoped “this is the start of a full wave of such investment in the country, and the Government should be congratulated for the role they have played in making these investments happen.”

Mega Maldives pioneered direct flights from Maldives to China in 2009. It operates four to five flights a week from Beijing, Shanghai, and Hong Kong.

“We have long argued that the demands from the Chinese tourists to the Maldives are at times a little different from the European traveller. Therefore, getting investors who understand the mentality of these tourists is a very good thing,” he added.

Mauroof Zaki, the secretary general of the Tourism Employees Association of the Maldives (TEAM), noted the importance of equipping Maldivian staff with the skills to cater to an influx of Chinese tourists.

“We need more language classes on Mandarin or training on food and beverage services to Chinese tourists,” he said.

However, he said he was concerned that Chinese tourists may not be as conscientious as European tourists on labor rights, human rights and the environment.

“When ethical tourists come to the Maldives, it improves the work environment for Maldivian staff, for example, tourists pushed for the equitable distribution of service charge to staff,” he said.

A resort owner, who wished to remain anonymous, said Chinese developers must take care to develop international resorts. “Does the Chinese traveler want to be on an island by themselves? From what I’ve seen, they want to be among others, and do not like to be segregated.”

The Maldives Association of Tourism Industries (MATI) was not available for comment at the time of going to press.

The Maldives reached the one million tourist arrival mark in 2013. In 2014, the Maldives welcomed 1.2million arrivals, and the government hopes to see 1.4million arrivals in 2014.

The tourism ministry last week launched the “Visit Maldives Year 2016” campaign. The US$10million will see festivals and trade events, and award free holidays throughout the year. The Maldives has also been designated as the partner host country for the ITB fair in Berlin in 2016.

According to Forbes, Chinese investment in the global hospitality industry has seen a surge in the last two years. The trend started when Chinese Dalian Wanda group announced plans of investing a US$ 1.09 billion luxury hotel in London.

Since then, Chinese companies has announced a US$ 900 million skyscraper in Chicago, a US$ 1.95 billion acquisition of New York’s Waldorf Astoria, and a US$ 399 million hotel in Sydney.

Maldives has become a main attraction for Chinese travelers, with South China Morning Post saying, the country has topped travel lists for Chinese travelers, with the country being promoted in China’s media as an “approved destination” by the Communist Party government.

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China to fund Malé-Hulhulé bridge, says minister

An agreement was penned today during President Abdulla Yameen’s visit to China for carrying out the ongoing feasibility survey of the Malé-Hulhulé bridge project with Chinese grant aid.

The “agreement on the economic and technical cooperation of grant” was signed after a meeting between President Yameen and Chinese vice president Li Yuanchao, according to the president’s office.

Speaking to reporters prior to departing to China last night, president’s office minister Mohamed Hussain Shareef said “a large portion” of the bridge project will be financed through Chinese free aid and the rest through concessional and commercial loans.

Along with the feasibility report, Shareef said the Chinese government will present options for building the bridge as well as the estimated cost for each option.

The government has previously said the project will cost between US$100 million and US$150 million.

China has previously said it would ‘favorably consider financing’ the bridge if the design proves feasible. The economic council has said the six-mile bridge will have six lanes and will span from Malé’s eastern edge to the western corner of Hulhule, where the airport is located.

Last month, a team of Chinese technicians began drilling bore holes on the ocean floor to gather information for the feasibility survey.

Shareef said last night that in his meeting with the Chinese vice president, President Yameen will discuss financing for the bridge project, projects in the Maldives under the Chinese maritime ‘Silk Route’ initiative and expediting a US$40 million loan from the Chinese EXIM bank for developing the international airport.

The government has previously said a total of US$600million is needed for the project. Although the economic council first said they will borrow the funds from China and Japan, the fisheries minister in March said Saudi Arabia had assured loan assistance at a low interest rate for airport development.

Shareef is accompanying President Yameen during his visit to China along with economic development minister Mohamed Saeed and representatives from Maldivian businesses. The president departed on Wednesday morning to attend the 3rd China-South Asia Exposition, and the 23rd Kunming Import and Export Commodities Fair.

The president is due to deliver a keynote address at the joint opening of the fairs. The fairs will take place from June 12-16.

According to state broadcaster Television Maldives, a symposium was held at the Grand Park Hotel in Kunming today to share information with Chinese investors.

More than 80 companies from the Yunnan province participated in the ‘Invest Maldives Symposium,’ said economic development minister Saeed.

An ‘Invest Maldives’ page was launched on Chinese social media network Weibo during the symposium as part of “promotional efforts” for an investment forum to be held in Beijing, Saeed said.

Businesses in the Yunnan province expressed interest in carrying out renewable energy projects in the Maldives, he added.

Shareef meanwhile said the Chinese government will cover almost all of the expenses for organising the investment forum in October. While sponsors funded the first investment forum held in Singapore last year, Shareef said the government covered some costs.

Following an official state visit to China in August last year, President Yameen said the likelihood of the bridge project being awarded to a Chinese company was “99 percent” and that “a large portion” of the project would be financed through free or concessional aid from China.

In a historic visit the following month, Chinese President Xi Jinpeng said he hoped the government would call the bridge “the China-Maldives friendship bridge”.

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What’s on sale? A night at Ungulhey

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Malé’s night market through photographer Munshid Mohamed’s lenses.

The biannual street market, dubbed ‘ungulhey bazaar,’ is known for large crowds and a variety of merchandise, including clothes, kitchen accessories and pets.

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What’s on sale? A night at Ungulhey

[bxslider id=”whats-on-sale-a-night-at-males-ungulhey-bazaar”]

Malé’s night market through photographer Munshid Mohamed’s lenses.

The biannual street market, dubbed ‘ungulhey bazaar,’ is known for large crowds and a variety of merchandise, including clothes, kitchen accessories and pets.

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Maldivian economy grew by 8.5 percent in 2014, says MMA

The Maldivian economy grew at 8.5 percent in 2014, the central bank has said. Growth was driven by a solid increase in tourist arrivals and the strong recovery of the construction sector.

The government’s fiscal performance in 2014, however, was weaker than anticipated due to shortfalls in revenue and overspending on recurrent expenses, the Maldives Monetary Authority said in its Annual Economic Review.

The International Monetary Fund (IMF) in March provided a much lower figure of five percent for economic growth, and highlighted the need for improved data collection on macroeconomic statistics.

According to the MMA, the government’s total debt reached 65 percent of GDP in 2014, while the fiscal deficit stood at MVR1.6billion or 3.4 percent of GDP, higher than the estimated MVR1.3billion or 2.8 percent.

The tax authority has meanwhile collected MVR951.3million (US$61.9million) in tax revenue in March. The figure is 2.7 percent higher than forecasted as several tourism companies had paid late land rents and fines after the Maldives Inland Revenue Authority (MIRA) froze the accounts of some 20 businesses in April.

MIRA has received MVR 5.61 billion (US$ 360 million) in revenue this year, an increase of 27.3 percent compared to 2014. The tax authority, however, did not state if revenue collection meets targets.

Robust growth

Some 1.2million tourists brought in an estimated US$2.6 billion to the Maldives in 2014. Arrivals grew by 7 percent and was largely driven by arrivals from China. European arrivals recorded a marginal growth due to a decline in Russian tourists.

The growth in bed nights stood at 4 percent – slight lower in magnitude than the growth in arrivals – reflecting the decline in average stay from 6.3 days in 2013 to 6.1 days in 2014. The downward trend in average stay, which has become more marked since 2009, is due to a shift in the composition of inbound tourist markets towards countries such as China, the MMA said

Meanwhile, total tourist revenue remained buoyant and grew by 13% (20% growth in 2013) to reach an estimated US$2.6 billion during 2014. The significant difference between the growth in revenue and bednights may reflect the increase in tourist expenditure on high-end services in the industry, the MMA said.

Airline movements by international carriers, such as Mega Maldives, Cathay Pacific and budget airlines such as Tiger Airways, also increased during the year, and facilitated the growth in tourist arrivals.

Three new resorts were opened, increasing total registered number of resorts in the Maldives to 112. Registered guesthouses reached a total of 216. Some 80 new guesthouses were registered at tourism ministry, but only a total of 95 in operation.

The construction sector bounced back from two consecutive years of negative growth. The revival was mainly due to the ease in obtaining construction materials after India waived restrictions on the export of stone aggregate to in March 2014. This allowed the resumption of large-scale public sector infrastructure projects and major housing projects, the MMA said.

The fisheries sector declined by 6 percent, following a strong growth of 8 percent in 2013, due to a decline in fish catch, and also because of the significant dip in international tuna prices.

The fishing industry in the Maldives represents about one percent of GDP in 2014. It accounted for 10% of total employment in 2010. Export revenue from fish and fish products accounts for 47 percent of merchandise exports.

Poor fiscal performance

The government collected some MVR14.5billion in revenue in 2014. But total revenue fell short of the target as some of the new revenue measures planned in the budget did not materialize.

The implementation of of a T-GST hike – from 8 percent to 12 percent – was delayed from July 2014 to November 2014; tourism tax, initially anticipated to be collected throughout the year was only collected from February to November.

There was a “considerable shortfall” from the lease period extension fee collected during the year. The lump-sum resort acquisition fee from the 12 new islands planned to be leased out for resort development did not materialize either.

As a result, total revenue was MVR351.0 million less than budgeted and amounted.

The total expenditure of MVR16.5 billion was slightly lower than budgeted, but only because the government stopped spending on development projects and redirected funds to financing recurrent expenditure.

In the banking sector, the main area of concern continued to be credit risk, as indicated by the high level of poor-quality loans. Non-performing loans “remain a concern with a ratio of 16 percent,” the MMA said.

Gross international reserves increased to US$614.7 million at the end of the year. Out of this, usable reserves accounted for US$143.9 million. The “marked expansion” owed to the improvement in foreign currency receipts of the government, the MMA said.

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Addu City shops hike prices of frozen goods after subsidy cut

Shops in Addu City have hiked the price of frozen goods and reduced business hours due to losses caused by the government’s decision to cease electricity subsidies to businesses in the atolls.

The majority of businesses in the southernmost atoll voted to increase the price of frozen goods by 15 percent and other items by five percent at a meeting organised by the city council last night.

“There were around 145 businesses in the meeting last night. More than 90 percent agreed to increase the prices,” said Mohamed Luthfy, assistant director at the council.

The government’s decision to discontinue electricity subsidies to businesses sparked protests across the country in April with shops, cafés and restaurants shutting down in protest. Electricity bills doubled, and in some case tripled, when the subsidy was cut for more than 5,700 businesses.

The Addu City business owners also decided to shorten business hours from 6:00am to 6:00pm and to keep shops closed at night.

However, neither decision will be implemented immediately as businesses from Hulhumeedhoo could not attend the meeting.

“So nothing will be implemented until a vote is taken amongst businesses of Hulhumeedhoo,” Luthfy said.

Earlier this month, grocery shops in Haa Alif Ihavandhoo increased prices of goods due to higher electricity prices. Owners also decided to keep shops closed from 6:00pm to 8:00pm.

Electricity charges in Addu and Fuvahmulaku are 37 percent higher than the capital and up to 72 percent higher in Haa Alif, Haa Dhaalu and Shaviyani Atoll.

The state-owned electricity provider to the atolls, Fenaka Corporation, has said its hands are tied as it is only implementing the government’s policy. Presenting the 2015 budget, the finance minister announced plans to target subsidies to the poor in an attempt to reduce expenditure.

Renewable energy

At last night’s meeting, Addu City businesses also discussed the possibility of using solar panels to generate electricity.

“We’ve negotiated with Fenaka Corporation to come to a solution but with no results. We prefer solar panels, so do the businesses,” Luthfy said.

Fenaka’s expenses on the island of Thinadhoo in Gaaf Dhaal atoll was halved after the implementation of a 2008 World Bank renewable energy pilot project.

Thinadhoo’s hospital, two public schools, powerhouse and mosque are powered by solar panels.

However, the Thinadhoo island council has said that the government’s utility company was benefiting more from the project than the island’s residents.

“Fenaka Corporations expenses have been reduced in half but still the price of electricity is has not gone down. In fact it has gone much higher with the subsidy cuts,” said island councillor Saudh Ali.

Businesses in the northern hub of Kulhudhufushi are meanwhile expected to take similar measures following the subsidy cuts.

“We are waiting for the electricity bills for the public to be issued. This is government tyranny and we will not wait in vain,” said Adam Shareef, a member of a steering committee formed by businesses in the island to negotiate with the government.

In early May, Fenaka cut off electricity to several businesses, including a private hospital in Addu City, when owners refused to pay bills.

Four businesses lodged a complaint with a magistrate court over power cuts. The court initially issued a stay order, but a new judge appointed to oversee the case overturned the ruling and said Fenaka was authorised to cut electricity if businesses fail to pay bills.

Last week, Fenaka blamed arsonists for a fire at its offices in Addu City, which two weeks after a group of people threw rocks and shattered windows at the home of Fenaka’s regional director Abdulla Zuhair.

A retail shop owner in Addu City told Minivan News that the attacks might have been a result of “desperation” due to the unresolved dispute over electricity prices between the power company and local businesses.

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Resort workers rally for ‘living wage’

Resort workers staged a rally in Malé today calling on the government to set a US$600 minimum wage and to pass a trade union law to allow collective bargaining.

The Tourism Employees Association of Maldives (TEAM) organised the rally after collecting about 7,000 signatures on a petition with five main demands.

“Our campaign calling on the government and resort owners to fulfil our demands will go on, even if, in the process, resorts become unable to operate,” secretary general of the TEAM, Mauroof Zakir, told Minivan News at the rally.

TEAM has circulated the petition in more than 70 of the Maldives’ 108 resorts since April. More than half of the 11,426 Maldivians employed in the multi-billion dollar industry have signed the petition.

The other demands include a mandatory 12 percent service charge, resort shares for workers as pledged by the president, and an 80 percent quota for Maldivians in the tourism industry.

Mauroof said TEAM will present the petition next week to the president’s office, the parliament, the tourism ministry, the economic ministry, the attorney general’s office and the youth ministry.

TEAM has previously warned of strikes if the government does not heed the demands.

About 50 resort workers joined the rally at the artificial beach today. Mauroof said TEAM was satisfied with the turnout and had not planned for most workers to take leave at the same time.

Protesters wore red T-shirts with the demands printed on the back and draped banners that read, “Sustainable tourism = living wage for tourism workers” and “Unfair dismissal = unfair tourism.”

“Our rights are being taken away. Resort owners discriminate between Maldivians and foreigners,” a resort worker at the rally, Abdulla Jaleel Ibrahim, told Minivan News.

“[Foreign workers] get leave to go visit their families whenever they want or to bring them to the resort with a holiday package, whereas local employees have to wait up to eight months even to get a leave. We are not allowed to bring our families there either.”

Adam Hamdhy, who has been working in the tourism industry for 13 years, said resort owners did not care about local staff employed in low paying jobs.

“They don’t care about how room boys and waiters may have to live. I am truly disappointed to note that local resort employees in higher positions are working against the TEAM’s campaign and their colleagues in lower positions,” he said.

Jumhooree Party MP Ali Hussain also attended the rally and encouraged the resort workers not to give up hope or lose focus.

Hussain vowed that he would submit legislation on industrial relations if the government does not heed the demand.

Deputy tourism minister Hussain Lirar previously told Minivan News that the government will consider the petition.

“The industry consists of a lot of stakeholders, not only TEAM. We will have to hold discussion with all of them before implementing new regulations,” he said.

The Maldives does not have a policy on minimum wage and setting one will require an amendment to the Employment Act. Current laws meanwhile require 50 percent of resort employees to be local, but the rule is not widely enforced.

Preliminary figures from the 2014 census indicated that foreign employees amount to 59 percent of all tourism employees, with 16,342 expatriate workers.

According to TEAM, US$358 million is transferred out of the country as wages for migrant workers annually.

Mauroof previously said that implementing the quota would help achieve the current administration’s pledge of creating 94,000 new jobs.

Providing shares in resorts to their rank-and-file employees was a campaign pledge of President Abdulla Yameen. Most resorts in the Maldives are owned by private companies and controlled by a few wealthy individuals.

In February 2014, President Yameen said that by the end of the year, a number of resorts would be floating a portion of their shares to the public, and urged Maldivian employees to become shareholders.

Last week, tourism minister Ahmed Adeeb said the government will announce a model for offering shares to workers before the end of the year.

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Businesses welcome ban on foreigners in photography, souvenir trades

The government has banned foreigners from providing photography-related services as well as operating souvenir shops and customs bonded warehouses in a bid to boost youth employment.

Registrar of companies Mariyam Visam told the press yesterday that the ministry will not register foreign investments in the selected fields.

Foreign investments in passenger transfer services and water sports will also be restricted to partnerships with companies with at least a 51 percent stake owned by Maldivians.

“If Maldivians can’t enter these ancillary services in the tourism industry, the economy and standard of living will be adversely affected,” she said.

“Even if we provide many opportunities for foreigners to invest in the Maldives, our main objective is economic development and increasing economic means for Maldivians.”

Most local photographers and souvenir businesses have welcomed the ban. But some have said foreign investments are crucial for small and medium enterprises to thrive.

Some 26.5 per cent of Maldivians aged 15 to 24 are unemployed, according to World Bank statistics from 2013, the most recent figures available.

“Good move”

The secretary general of the Maldives Photography Association, Ahmed Ishan, said the ban would create more opportunities for local photographers.

“There are about 1,500 Maldivian professional photographers in the industry. But Maldivians aren’t allowed on some resorts due to the influence of some [foreign] companies,” he said.

The foreign companies were established in 2012 and primarily employed photographers from Philippines and China, he said. They were often “stationed” at resorts as resident photographers.

“So all the work goes to them,” he added.

He also claimed that some of the photographers had fraudulent work permits.

In January, the economic development ministry ceased issuing work permits for foreign photographers while a ban on foreigners working as cashiers took effect in April.

Last week, the immigration department instructed local businesses to send back migrant workers hired as photographers and cashiers before June 7 and apply for cancellation of employment approvals. The department warned that employers who do not comply will be penalised.

The economic ministry has meanwhile penalised 88 businesses found to employ foreign cashiers.

The ministry will conduct inspections on the new rules and offer a period for foreigners involved in restricted business to leave, Visam said yesterday. Agreements with foreign parties will not be renewed and the ministry will take action against businesses registered under Maldivians but operated by foreigners, she warned.

The souvenir trade

Hassan Zahir, the manager of the Misraab souvenir shop, welcomed the move as a positive step as many Maldivians were involved in the souvenir trade.

“This is an ordinary or medium-sized business, so it’s not good when foreigners come in. Not everyone can be resort owners,” he said.

The restrictions will create job opportunities for young Maldivians in the absence of competition from foreign businesses who have more resources and more capital, Zahir suggested.

However, officials from another souvenir business, who wished to remain anonymous, questioned the effectiveness of the move, noting that foreigners operate the souvenir shops in resorts run by foreign companies.

Maldivians should be allowed the opportunity to run souvenir shops in all resorts, they said.

Meanwhile, Saudhulla Ahmed, secretary general of the Maldives Trade Union, an NGO set up last year for advocacy on behalf of small and medium-sized businesses, told Minivan News that foreign investment was crucial for small businesses to thrive.

Foreign investors had set up enterprises almost exclusively in partnership with Maldivians in the restricted fields, he said

Saudhullah also said the government has impeded small businesses by cutting electricity subsidies and reducing business hours with a 10:00pm closing time.

Local businesses are”living in fear” and lacked security for their investments due to arbitrary measures from the government, he continued.

“We have had complaints from businesses about the customs saying they mistakenly charged too little as duties for goods imported two years ago, and so customs is now asking for MVR230,000 in fines,” he said.

The ministry was imposing restrictions on foreign investments “because they know for sure that investors won’t come to such a frightening place,” he said.

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