Editors' Picks Opinion Politics

Isn’t it time to give the opportunity for our economy to stand on its feet?

The original Dhivehi article was published on the avas.mv website on 1 March, 2017.
Note that no author is mentioned.

The following is a loose translation:

  • Political upheavals as the main obstruction
  • No fear of sacrificing the economy
  • Responsible political actions needed

“Tourism is very delicate. When a volcano erupts in a country and flights are disrupted that too affect tourism; it is of such delicate nature. Considering that, if there are upheavals in a country and when tourists are reluctant to visit, that will certainly affect the economy. When other businesses also depend on tourism, what happens to that industry will also affect tourism” said an experienced economist.

When everything has turned towards tourism it is the cause  for the productivity of Maldives or its GDP to go down. Upheavals are the the main reason investors stay away from the Maldives too. Because they do not have the confidence about their investment. Investors do not want to make huge investments in volatile places. A prominent businessman has said that, because of upheavals and instability, businesses other than tourism are also affected. Especially, big investors question about it. It is a concern and a worry for them, he said.

“Will people invest in a volatile place? This is the problem.  For example, souvenir shop owners complain that they cannot do business and have to close their shops when the area is in turmoil. This is the cost to even the smallest of the businesses. Therefore, the effect and the negative perception of an investor who has made large investments will be bigger,” he said, raising  his concerns.

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The first thing an investor looks at is the stability of the place. The World Bank’s “Doing Business Index,” revealing investor confidence, is showing Maldives as a place which is not in a very comfortable level when it comes to protecting investors. However, the government is bringing about a lot of changes to gain investor confidence. In this manner, they are giving sovereign guarantees to big loans, introduced residence visa to investors with lots of benefits, and have relaxed investment laws and also have allowed foreigners to even own land in the Maldives. But the benefits of these steps will come only if the economy remains calm. But what we see is a volatile political situation and instability.

Economic Minister Mohamed Saeed said that, since our economy is fragile, there will be many factors that affect the economy of the Maldives. And the effects will not be in one front. He too said that investor confidence in the Maldives will improve when we reduce political volatility.

“We have to think about our economy when we take any step as everything is linked to the economy” said Saeed.

Everyone has to be careful about the economy. The effects on the economy due to instability will affect even the commoner. That is an effect to the pocket of the poorest person too. Every step taken by everyone should be not to adversely affect the economy. But in the Maldives this is not happening. No one gives any thought on the destruction to the economy in their political disagreements.

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Leaflets were distributed to European travellers saying that the owners of Maldives resorts are aiding the government. In fairs Maldives participated, Maldivians gathered to voice out their opposition. What are the real results from all these activities? They themselves are destroying the economy they have to work to lift up when they get elected. In the end, they themselves have to taste the bitterness. Leaving aside the tourism boycott, campaigns about an  increase in terrorist  activities in the Maldives and portraying Maldives as a dangerous place is also very loud. The reason is to try to pave the way to  come to power at any cost. Now it is time to bring an end to these activities.

It is a joke when the opposition says they will halt the billion dollar project by the Saudis in Faafu Atoll, when they do not have any information about the proposal. Information about the project needs to be revealed too. But without any knowledge about the project, and saying they will stop the project based on hearsay,  raises the question if that is political responsibility. Any or all of these things leads to investors losing confidence . Every nation has its problems, there is not a single country free of problems.  We will not see development any day if sacrificing the nation, as the solution to these issues, is just an excuse  to pave the way come to power .

Original Dhivehi Source: Avas

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1 Comment on "Isn’t it time to give the opportunity for our economy to stand on its feet?"

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Hussain
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Very true what you say. No one will invest in a volatile and unstable place. Now who was it who started the unstability by rioting on the street non-stop for several weeks? Lying about the airport being sold to GMR when GMR was only managing it. Making false stories about Islam running away from Maldives out of fear of Nasheed. I agree that Nasheed was a useless president and Yaameen is the person who can get things done. But the stability of the country was destroyed by the the former opposition. The new opposition are only trying to follow the… Read more »
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