Country Guides
Maldives
Business
Business
Maldives
• GDP: US$1.74 billion (2008).
• Main imports: Petroleum products, ships, food, clothing, intermediate and capital goods.
• Main exports: Fish.
• Main trade partners: India, China, Japan, Malaysia and Singapore.
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 play almost no 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 December 2004 tsunami left more than 100 dead, 12,000 displaced, and property damage exceeding US$300 million, though recovery has been steady and didn't affect the tourism industry particularly adversely by the standards of other tsunami-afflicted countries.
Diversifying beyond tourism and fishing is the major challenge facing the government. The new government is seeking to diversify the tourism market by introducing hotels on inhabited islands and creating a national transport network - both two things that in the past have kept independent travellers away. There is also a plan to make Maldives the world's first carbon-neutral country by 2012.
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.
Conferences & Conventions
State Trading Organisation
Boduthakurufaanu Magu, Maafannu, Malé, 20345, Republic of Maldives
Tel: 334 4333.
Website: www.stomaldives.com
Universal Resorts (Information on Conferences/Conventions)
Universal Enterprises Ltd, 39 Orchid Magu, Malé, Republic of Maldives
Tel: 332 3080 or 333 2262/70/71.
Website: www.universalresorts.com
• GDP: US$1.74 billion (2008).
• Main imports: Petroleum products, ships, food, clothing, intermediate and capital goods.
• Main exports: Fish.
• Main trade partners: India, China, Japan, Malaysia and Singapore.
• Main imports: Petroleum products, ships, food, clothing, intermediate and capital goods.
• Main exports: Fish.
• Main trade partners: India, China, Japan, Malaysia and Singapore.
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 play almost no 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 December 2004 tsunami left more than 100 dead, 12,000 displaced, and property damage exceeding US$300 million, though recovery has been steady and didn't affect the tourism industry particularly adversely by the standards of other tsunami-afflicted countries.
Diversifying beyond tourism and fishing is the major challenge facing the government. The new government is seeking to diversify the tourism market by introducing hotels on inhabited islands and creating a national transport network - both two things that in the past have kept independent travellers away. There is also a plan to make Maldives the world's first carbon-neutral country by 2012.
The December 2004 tsunami left more than 100 dead, 12,000 displaced, and property damage exceeding US$300 million, though recovery has been steady and didn't affect the tourism industry particularly adversely by the standards of other tsunami-afflicted countries.
Diversifying beyond tourism and fishing is the major challenge facing the government. The new government is seeking to diversify the tourism market by introducing hotels on inhabited islands and creating a national transport network - both two things that in the past have kept independent travellers away. There is also a plan to make Maldives the world's first carbon-neutral country by 2012.
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
Universal Resorts (Information on Conferences/Conventions)
Universal Enterprises Ltd, 39 Orchid Magu, Malé, Republic of Maldives
Tel: 332 3080 or 333 2262/70/71.
Website: www.universalresorts.com
Boduthakurufaanu Magu, Maafannu, Malé, 20345, Republic of Maldives
Tel: 334 4333.
Website: www.stomaldives.com
Universal Resorts (Information on Conferences/Conventions)
Universal Enterprises Ltd, 39 Orchid Magu, Malé, Republic of Maldives
Tel: 332 3080 or 333 2262/70/71.
Website: www.universalresorts.com
Travel Partners
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