The meeting was attended by 111 tourism companies, along with MATI chairman Mohamed Umar Manik, MMA Governor Ahmed Munawwar, Commissioner General of Taxation Hassan Zareer, Bank of Maldives CEO Ahmed Shareef, and officials from the tour
Maldives Association of Tourism Industry (MATI) Secretary General and Crown Company shareholder Ahmed Nazeer has said laws and regulations related to tourism should facilitate the sector’s development rather than hinder businesses.
Speaking at MATI’s 35th annual general meeting, held at Kurumba Maldives, Nazeer said the government must ensure security in the Maldives so the tourism ministry can continue its work effectively.
“The most important thing for tourism is to have a safe and secure environment,” he said.
The meeting was attended by 111 tourism companies, along with MATI chairman Mohamed Umar Manik, Maldives Monetary Authority Governor Ahmed Munawwar, Commissioner General of Taxation Hassan Zareer, Bank of Maldives CEO Ahmed Shareef, and officials from the tourism ministry.
Nazeer said that despite the challenges faced by the tourism sector last year, there had also been successes.
“Last year’s travel receipts stood at USD 5.6 billion. Resorts contributed 83.6 percent of this, generating USD 4.5 billion. Domestic flights accounted for USD347.9 million, or 6.5 percent of total travel receipts,” he said.
Maldives Airports Company Limited (MACL) received USD 222 million in duty-free travel receipts, equivalent to 4 percent of the total. Travel agencies earned USD 141m, while guesthouses generated USD 95 million.
Nazeer said the tourism sector accounted for 95 percent of state revenue last year, amounting to USD 1 billion. The largest contributions came from the tourism goods and services tax (TGST) and resort rent, with TGST collection reaching USD 620 million and resort rent at USD 124 million.
Highlighting the country’s fiscal situation and rising debt, Nazeer said the Maldives had spent USD 1 billion on fuel last year, which is unsustainable.
He said that the tourism sector was taking steps to address this.
According to CDE Consulting, 70 out of 172 resorts in the Maldives have installed solar panels, generating 58MW of renewable energy which is about 61 percent of the country’s total renewable energy, he said.
Nazeer said that the economy is heavily reliant on tourism, with reinvestments by resort owners playing a crucial role in its expansion. He called for increased investment in renewable energy, floating solar panels, and innovative energy-saving solutions in resort development.
MATI is also working to support businesses, by facilitating low-cost financing for renewable energy projects, he said.
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