Market Research in the Maldives
The Maldives is a South Asian island country located in the Indian Ocean. The islands lie southwest of India and Sri Lanka. The Maldives chiefly consists of 26 atolls that span an area of at least 115 square miles. It is the nation that is the third most at risk due to flooding from climate change.
Fishing is the island nation’s largest sector, and its main export is seafood.
Tourism is the second-largest, making up almost 25 percent of its GDP. The islands now have more tourism prospects, to a large extent, because Chinese tourists are coming back. This turn of events has undoubtedly led to growth forecasts over the next few years. Tourism has boosted the country’s fledgling cottage industries such as lacquer work, mat weaving, coir rope making, and handicraft.
Agriculture and manufacturing continue to play a lesser role. One of the constraints is the lack of arable land. The other is the shortage of domestic labor. New industries that have emerged include printing and the production of PVC pipes.
The capital city of the Maldives is built in a modern grid pattern. Yet, it features much of the islands’ culture and heritage. Male has beautiful mosques, ancient monuments, and grand museums.
Hulhumale blends ancient and modern building techniques. It lies south of the North Male Atoll. This island also boasts stunning beaches, palm trees, turquoise water, and scenic beauty.
Addu City is the Maldives’ southernmost city and is a stunning site to explore. It has six lovely beaches and is also known for the real Maldivian food experience.
The World Bank classes the Maldives economy as upper-middle-income. This ranking is due to the rapid growth of its fisheries and tourism sectors. Yet, the country still contends with a large and growing fiscal deficit. Experts expect that infrastructure investment will be the central pillar of recovery. Several large projects aimed at building new resorts are on stream. There’s also one aimed at expanding capacity at the Hanimaadhoo International Airport.
Benefits and Strengths in the Market
Maldives has kept up a steady pace of development over the last few decades. There are many reasons to invest in these islands, including:
- Seamless business registry via Invest Maldives
- Public-Private partnership program
- Special programs for foreign investors
- Ability to repatriate capital proceeds and profits
- Relief from customs duties for big projects
- Corporate resident and business visas guarantee ease of entry
- Freedom to use foreign managers, as well as technical and unskilled workers
- Foreign arbitration allowed for dispute settlement
- No foreign exchange restrictions
- Long leases for land (up to 99 years)
The Maldives is home to around 540,000 people dispersed across 185 of its 1190 islands. The main imports are electronic goods and fuel. The country has moved from low to high human development due to an increase in mean years of schooling. Life expectancy has improved, and so has per capita gross national income.
The outer islands still need to be developed. The people there have low access to and quality of education and healthcare services.
Reasons to Grow Your Business in the Maldives
The Maldives offers an array of business incentives. The government also supports foreign investment. You will find many sectors in the economy where you can invest, for example, accounting, resort management, and banking. The corporate tax rate is low, and the political environment is stable.
About Maldivian Market Research
SIS International is a full-service Market Research company providing Quantitative and Qualitative Research. Our firm offers Tourism Market Research coupled with Data Collection Services. Moreover, we arrange Focus Group, telephone and face-to-face Interviews, and Online Surveys. Our full-service market research company covers your every research need in detail. In other words, we provide context around your business for a deeper market view.