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.

Key Industries

Fishing is the island nation’s largest sector, and its main export is seafood.

Tourism is the second-largest industry, making up almost 25 percent of the country’s 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 handicrafts.

Agriculture and manufacturing continue to play a lesser role. One constraint is the lack of arable land, and the other is the shortage of domestic labor. New industries that have emerged include printing and the production of PVC pipes.

Neighborhoods

Male

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

Hulhumale blends ancient and modern building techniques. It lies south of the North Male Atoll and boasts stunning beaches, palm trees, turquoise water, and scenic beauty.

Addu City

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.

Trends

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 have maintained 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)

Consumer Base

The Maldives is home to around 540,000 people dispersed across 185 of its 1190 islands. The main imports are electronic goods and fuel. Due to an increase in mean years of schooling, the country has moved from low to high human development. 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, such as accounting, resort management, and banking. The corporate tax rate is low, and the political environment is stable.

About SIS International

SIS International offers Quantitative, Qualitative, and Strategy Research. We provide data, tools, strategies, reports, and insights for decision-making. We also conduct interviews, surveys, focus groups, and other Market Research methods and approaches. Contact us for your next Market Research project.