GLOBAL INSIGHT MALDIVES THE MALDIVES Offering new investment opportunities across the board Future Outlook: Sunny As one of the world’s most sought-after holiday destinations, the Maldives has bounced back from the tsunami disaster to outperform all fi nancial predictions, and is looking to double its tourism capacity by 2010. With its private resorts, coral solutions. “Having celebrated 40 key sectors, fi shing and tourism, Qasim Ibrahim, Mahamood reefs and white-sand beaches, years of diplomatic relations last cannot be underestimated.” Minister of Finance Shougee, the Maldives can lay easy claim year, Japan and the Maldives On the verge of graduating & Treasury Minister of Tourism to being the last word in para- continue to forge strong ties from Less Developed Country & Civil Aviation dise. Last year, tourist arrivals and it continues to be one of our to Middle-Income status, the hit record levels with new resort most important development Maldives is seeing growth in developments swelling the partners,” says Qasim Ibrahim, international trade at between Industry notes: “Most people are Abdulla Mausoom of the economy by 18 percent. minister of fi nance. “There is 10 percent and 15 percent, while looking for private islands with Maldives Tourism Promotion To keep up with demand, the good feeling and a strong friend- an open economy makes it an personal space. They have a love Board notes how the Japanese government is continuing to look ship with the Japanese, and their attractive place to invest, as well of beauty and nature. Other seg- are the country’s fi fth most to Japanese investors for win-win role in terms of investment in our as relax, in. Opportunities exist ments represent people that have important source market, con- across all sectors, “especially in a love of scuba diving, surfi ng and veniently fi lling the low season fi nancial services,” Qasim notes. sailing. Asian tourists tend to be gap between April and October. Mohamed Jaleel, minister interested in the spa resorts, and Mahamood Shougee, minister of One & Only Reethi Rah, Maldives www.oneandonlyresorts.com of economic development and this will be the most important tourism and civil aviation says: Trade notes that substantial segment to be developed over “We received 41,121 visitors from the One & Only Resort’s Reethi Meanwhile, as the name The country’s three Anantara inward investment will be the next couple of years.” Japan last year, and are hopeful Rah describes how this hotel is suggests, the Island Hideaway resorts also cater to the Japanese needed if the country is to reach that the market will continue suitable for Japanese tastes. “We provides privacy and exclusivity market. Each resort is intercon- its target of having 1 million visi- to grow with the expansion of offer the highest quality in terms in the luxury segment. Situated nected and the complex offers WWee rreceivedeceived tors and 367,000 beds within two tourism to the new atolls.” of accommodation, operations, on the uninhabited virgin island more than 100 water bungalows. years. 441,1211,121 vvisitorsisitors While the Maldives offers food, design, discipline, follow-up of Dhonakulhi, the resort offers The Naladhu recently upgraded The announcement in 2006 ffromrom JJapanapan llastast internationally renowned care and responsibility. We are a a spa, marina, butler service and from a four- to a fi ve-star resort that 35 islands were being made brands such as Conrad, Four lifestyle luxury product, and the real peace and tranquillity on 1.4 and hopes to increase its occu- available for resort development yyearear aandnd aarere Seasons, Anantara and One & Japanese indulge in this.” km of land. pancy levels from 75 percent to will go some way to achieving hhopefulopeful tthehe mmarketarket Only Resorts, there are many Luible notes how the Japanese “This is one of the fi rst resorts 85 percent this year. this. For more than two decades, wwillill ccontinueontinue locally owned ventures too. have a high level of culture and to be opened in the north of the General manager Adriaan this “one island, one resort” has The Villa Group, founded by education and, as such, make Maldives, so there are many Erasmus says: “The Japanese been a unique selling point, with ttoo ggrow.row. Minister Qasim, is proprietor of excellent guests. “Our hotel was opportunities,” says Managing enjoy the exclusivity of the a record 675,889 tourists arriving fi ve exclusive island/spa resorts designed with them in mind, and Director Ahmed Hafeez. “The Naladhu, and they love our tailor- in 2007, 12 percent up on 2006. Mahamood Shougee, and its 2,008 beds make up 12.4 we have made a huge effort to rooms are almost 30 meters apart made service — we offer butlers, Sim Ibrahim Mohamed of the Minister of Tourism percent of the country’s total meet their standards and make from each other, so guests have a for example, and exclusive villas Luxury comes to paradise. www.anantara.com & Civil Aviation Maldives Association of Tourism resort capacity. Michael Luible of them feel at home,” he says. real feeling of privacy.” with separate pools.” Sustainable sashimi brings Japan and the Maldives even closer In the Maldives, fi shing is much more than a tradition; it is the main source of sashimi market, a market that is expected to grow when the company’s new income for the population. When the sector was liberalized in 2001, Horizon katsuobushi plant goes into operation next year. This traditional Japanese Fisheries won the bid to purchase, process and market skipjack and yellowfi n dried fi sh production facility, designed and implemented with Japanese tuna. Adnan Ali, MD of Horizon, had worked in the state-owned fi shery experts, will have a production capacity of 15 tons of fi sh a day. Adnan monopoly Mifco for 25 years before going private, and after winning the bid, stresses the achievements of the young company, in particular its commit- Horizon Fisheries bought Mifco’s cold storage facilities and expanded capac- ment to quality. “We have been awarded ISO accreditation, both for our proc- ity with a state-of-the-art cannery that had a 100-ton daily output. esses and our environmental management. All fi shing is sustainable, done by Japan is one of Horizon’s main customers for frozen and fresh tuna for the pole and line, which is a major indicator for future partners,” he says. Horizon Fisheries Pvt. Ltd. 3rd fl oor, Filaa Building 2, n. 12, Boduthakurufaanu Magu, Male’ Republic of Maldives Tel: +960 332 8855, +960 332 7788 Fax: +960 332 4455 info@horizonfi sheries.com www.horizonfi sheries.com JJTT PPRR MMaldald vv20.indd20.indd 1 00801303801303 116:13:246:13:24 This report can also be read online www.japantimes.co.jp/international-reports www.panoramareports.com MALDIVES PANORAMA REPORTS Supplying Demand The expanding tourism sector is having a signifi cant effect on the islands’ infrastructure, “the backbone of future developments.” Although it has pumped millions fi rst quarter of 2006, we had six being overseen by the Maldives of dollars into infrastructural projects under way; last year, we Airports Company (MAC). With projects in the last few years, the had 22 in the same period. The air capacity slated to increase by government is calling for more transport network has almost 30 percent to 40 percent — 100 outside investment to help keep trebled and the contracting percent in some areas — over the up with demand. As Mohamed work has doubled. We have had next two years, 10 new airports Mauroof Jameel, minister of to set up a stand-alone unit on a have been planned. The airport construction and public infra- neighboring island to ensure our at Gan has been upgraded to structure, says: “Infrastructure launchers and machinery are international status to lessen is the backbone of future devel- the load at Male’ International opments — the correct structures Airport (MIA). The Island Hideaway... Naturally Exclusive! www.island-hideaway.com Over 20 years of experience. www.nalahiya.com and facilities must be in place to TThehe ccorrectorrect As the gateway into the welcome future investments.” sstructurestructures aandnd Maldives, the MIA has to be big A construction boom is under enough to handle the predicted million coming in over the next market price. Japan has been “Our catch has grown from plants, and is looking for fi nan- ffacilitiesacilities mmustust Hussain Hilmy, way, keeping local supply fi rms fl ow. Management at the MAC three years. Ismail Rasheed, Minister of a key element in the industry’s 25,000 tons to 72,000 tons since cial and technical assistance busy. Ismail Jumayyil Waheed, bbee iinn pplacelace ttoo are very optimistic that in the Dhiraagu’s CEO, says: “We have Fisheries, development. “We would like the liberalization. Competition from large international corpora- head of Nalahiya Trading Pvt. next three years, they will have 95 percent penetration, and hope Agriculture & foreign companies to help us has made us more productive,” tions in the market. Ltd., says: “It has been a good few wwelcomeelcome ffutureuture achieved their mission to provide to reach 100 percent in 2008. Last Marine Resources develop in a way that does not says Mohamed Adil Saleem, EcoFisheries, a private limited years for us and we plan to bring iinvestments.nvestments. the best airport service in the year, we established our fi rst take the livelihoods away from MIFCO’s MD. Fifteen percent of fi shing company, is also looking in as much material as we can region. international submarine cable our rural population,” Hussain that was yellowfi n tuna, of which for Japanese partners to help to supply the new resorts under Mohamed Mauroof Jameel, Meanwhile, recent ICT devel- to Sri Lanka (with the help of introduced a satellite tracking Hilmy, minister of fi sheries, agri- Japan is the biggest importer.