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The Maldives is not blessed with many
natural resources except for her beauty
and the riches of the sea. In fact, 99%
of its territory consists of water. Hence
it is not surprising that tourism
and fishing
are the major industries of the country.
| Two
major industries
Maldives economy highly depends
on tourism
and fishing. |
Agriculture is practised only on a limited
scale, as the land is not very fertile.
The diversity of the flora is limited
to a few tropical fruit and vegetables,
root crops and others. The essentials
and consumer goods are not manufactured
because of the lack of resources. Almost
everything required for living has to
be imported.
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Maldives depends
on imports |
During seventies and early eighties the
Maldivian economy was based on three major
industries, fishing, tourism and shipping.
Though Maldives has traditionally relied
on fishing it also had developed a modest
merchant fleet in the region called Maldives
Shipping Limited (MSL). However, today
shipping is a minor actor in the Maldives
where only two industries dominate the
economy. Fishing provides most employment
to the inhabitants while the tourism controls
the major foreign exchange.
Notwithstanding the scarcity of resources
in the Maldives, the past two decades
have experienced a phenomenal growth of
the economy. In fact, Maldives is one
of the few countries which enjoys an annual
GDP growth rate of 6.0%. The main activities
in the modern industrialisation arena
includes fish canning, manufacture of
garments, bottled of aerated water and
fizzy drinks, brick making, refrigeration,
transportation, banking, andinsurance.
These activities are significant in today's
economy.
Other minor industries in the Maldives
consist of building and construction,
boat-building, rope-making, blacksmith,
handicraft, lacquer work and other cottage
industries.
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