Maldives invites investment

KARACHI: Maldivian High Commissioner to Pakistan Farzana Zahir on Tuesday invited Pakistan businessmen to invest in the tourism and hospitality industries of Malaysia, saying that the two industries offer good investment opportunities.

Maldives enjoys 74 percent occupancy in the tourism and hospitality industries, and that guarantees a great return on the investments (ROI), she stated.

She said this while talking to Federation of Pakistan Chambers of Commerce & Industry (FPCCI), where she also revealed that Maldives was looking to diversify sources of construction materials imports, including cement and steel, coupled with an increasing demand for halal food products.

Talking on the occasion, FPCCI chairman Irfran Iqbal Sheikh said there was substantial demand for halal Pakistani food exports to Maldives, including but not limited to fresh fruits, vegetables, processed and semi-processed foods, dry fruits, organic snacks, rice, and halat meat. He added that Pakistani food products could compete with their fair prices, quality, and taste in the Maldivian market.

Sheikh also urged the government to ensure sufficient facilities to boost trade with other countries. He said issues such as absence of direct flights and business to business (B2B) contacts hinder realising true trade potential between the two countries. The trade ties between Pakistan and Maldives currently stand at a meager $9 million.

FPCCI chairman proposed that a revised, updated, and expanded memorandum of understanding (MoU) should be signed with Maldives National Chamber of Commerce & Industry (MNCCI) to forge B2B alliances, envisaging that it would eventually translate into a more vibrant government to government (G2G) economic cooperation. He also proposed formation of an effective and functional Joint Business Council (JBC) between the two counties.