Both the
economy and business of Maldives are in a state of development .Tourism forms the cornerstone of the economy of Maldives and is worth more than 60% of the foreign exchange earned by the state and 28 % of its GDP. The import duties and the taxes imposed on tourism account for almost 90% of the total tax revenues .The other sector which contributes substantially to the growth of the economy is that of fishing. Owing to the unavailability of arable lands and dearth of manpower, agriculture and manufacturing fail to contribute much. Garment production, handicrafts and boat building constitute the industry of Maldives and have a share of 7% in the GDP. By virtue of an economic reform program introduced in 1989 the government of Maldives opened up export opportunities to the private sector and adopted liberalized regulations to bring in foreign investments.
Business ventures in Maldives are generally undertaken keeping in mind the flourishing tourism industry. Business related to the industry and to its various associated branches like indigenous handicrafts yields profitable results. Business pertaining to the fishing industry also does well in Maldives.
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Maldives Economy and Business |
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