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• GDP: US$907 million (2006).
• Main imports: Petroleum products, ships, food, clothing, intermediate and capital goods.
• Main exports: Fish.
• Main trade partners: India, Japan, Malaysia, Singapore, and Thailand.
• Main imports: Petroleum products, ships, food, clothing, intermediate and capital goods.
• Main exports: Fish.
• Main trade partners: India, Japan, Malaysia, Singapore, and Thailand.
Economy
Tourism, the Maldives' largest industry, accounts for 28% of GDP, and over 90% of government tax revenue comes from import duties and tourism-related taxes. Fishing is the second leading sector. Agriculture and manufacturing continue to play a lesser role in the economy, constrained by limited cultivable land and the shortage of domestic labour. Most staple foods must be imported. Industry, which consists mainly of garment production, boat building, and handicrafts, accounts for about 7% of GDP.
The Maldivian government began an economic reform programme in 1989, gradually liberalising regulations to allow more foreign investment.
The December 2004 tsunami left more than 100 dead, 12,000 displaced, and property damage exceeding US$300 million.
Diversifying beyond tourism and fishing is the major challenge facing the government. Over the longer term, there is concern about the impact of erosion and global warming; 80% of the area is 1m (3.3ft) or less above sea level.
The Maldivian government began an economic reform programme in 1989, gradually liberalising regulations to allow more foreign investment.
The December 2004 tsunami left more than 100 dead, 12,000 displaced, and property damage exceeding US$300 million.
Diversifying beyond tourism and fishing is the major challenge facing the government. Over the longer term, there is concern about the impact of erosion and global warming; 80% of the area is 1m (3.3ft) or less above sea level.
Business Etiquette
Since the islands import almost everything, business potential is high, but only on Malé. Most business takes place during the morning. An informal attitude prevails. Appointments should be made well in advance. For business meetings, men normally wear a shirt and tie and a lightweight suit. Women wear a lightweight suit or equivalent. Handshaking is the customary form of greeting.
Office hours: Sun-Thurs 0730-1430. Friday and Saturday are official rest days.
Office hours: Sun-Thurs 0730-1430. Friday and Saturday are official rest days.
Conferences & Conventions
State Trading Organisation
Boduthakurufaanu Magu, Maafannu, Malé, 20345, Republic of Maldives
Tel: 334 4333.
Website: www.stomaldives.com
Kurumba Village (Information on Conferences/Conventions)
Universal Enterprises Ltd, 38 Orchid Magu, Malé, Republic of Maldives
Tel: 332 3080 or 333 2262/70/71.
Website: www.kurumba.com
Bandos Island Resort (Information on Conferences/Conventions)
North Malé Atoll, Maldives
Tel: 640 088.
Website: www.bandosmaldives.com
Paradise Island (Information on Conferences/Conventions)
Villa Hotels, Villa Building, Ibrahim Hassan Didi Magu, PO Box 2073, Malé 20-02, Republic of Maldives
Tel: 331 6161.
Website: www.villahotels.com
Boduthakurufaanu Magu, Maafannu, Malé, 20345, Republic of Maldives
Tel: 334 4333.
Website: www.stomaldives.com
Kurumba Village (Information on Conferences/Conventions)
Universal Enterprises Ltd, 38 Orchid Magu, Malé, Republic of Maldives
Tel: 332 3080 or 333 2262/70/71.
Website: www.kurumba.com
Bandos Island Resort (Information on Conferences/Conventions)
North Malé Atoll, Maldives
Tel: 640 088.
Website: www.bandosmaldives.com
Paradise Island (Information on Conferences/Conventions)
Villa Hotels, Villa Building, Ibrahim Hassan Didi Magu, PO Box 2073, Malé 20-02, Republic of Maldives
Tel: 331 6161.
Website: www.villahotels.com
