• GDP: US$ 639.5 million.
• Main imports: Petroleum and petroleum products, ships, foodstuff, textiles, clothing, intermediate and capital goods.
• Main exports: Fish and clothing.
• Main trade partners: Bahrain, Germany, India, Japan, Malaysia, Singapore, Sri Lanka, Thailand, United Arab Emirates, UK and USA.

Small quantities of cereals, fruit and vegetables are grown on the little fertile land available on the islands. Fishing is far more important: tuna fishing accounts for half of the Maldives’ export earnings. The industrial sector has grown substantially since 1980 as a result of major infrastructure investment in desalination plants, refurbished accommodation, generators and air conditioning. Much of this was originally designed for use by the tourism industry, which has also grown rapidly following the decline of shipping, and now accounts for almost one-quarter of GDP. Otherwise, there is some light industrial activity, including fish-canning, textiles and boat building, and a small financial services sector which has recently come under scrutiny (along with several dozen other small economies offering ‘offshore’ services). In general, the islands’ economic development has been constrained by their relative isolation and the small size of the domestic market. Hopes that the Maldives might become an oil producer were dashed when a 10-year exploration programme failed to locate deposits in the islands’ territorial waters. The Maldives is a member of the Asian Development Bank and the Colombo Plan.

Since the islands import almost everything, business potential is high, but only on Malé. Most business takes place during the morning. An informal attitude prevails. Appointments should be made well in advance. For business meetings, men normally wear a shirt and tie and a lightweight or tropical suit. Women wear a lightweight suit or equivalent. Handshaking is the customary form of greeting. Office hours: Sun-Thurs 0730-1430. Friday and Saturday are official rest days.

State Trading Organisation
Boduthakurufaanu Magu, Maafannu, Malé, 20345, Maldives
Tel: (3) 344 333.
Website: www.stomaldives.com

Kurumba Village (Information on Conferences/Conventions)
Universal Enterprises Ltd, 38 Orchid Magu, Malé, Maldives
Tel: 442 324.
Website: www.kurumba.com

Bandos Island Resort (Information on Conferences/Conventions)
North Malé Atoll, Maldives
Tel: 640 088.
Website: www.bandosmaldives.com

Paradise Island (Information on Conferences/Conventions)
Villa Hotels, Villa Building, Ibrahim Hassan Didi Magu, PO Box 2073, Malé 20-02, Maldives
Tel: (960) 331 6161.
Website: www.villahotels.com