Maldives must not depend solely on tourism and fisheries for economic stability: report

MALE, May 17 (HNS) -- Maldives must not depend solely on tourism and fisheries for economic stability and should concentrate on development of other areas as well, according to a report. The country needs to expand service industry and export-oriented industries, said a 2001 report submitted by Maldives to a meeting of Least Developed Countries (LDCs) in Brussels. The report, which provided an outline of Maldives developmental goals, identified an 11-point recommendation plan, including the setting up of a 10-year Master Plan for industrial development, and coming up with measures to combat decline in fisheries and textile industry. Maldives has already deemed garment industry as a failed commercial experience in the country. The report also recommended the introduction of new industries, developing healthy competition among the industries and strengthening the local handicraft industry to complement the tourism industry. It also called for the creation of an environment for long-term investment in order to create investor confidence, forming a database on personnel development and training, and strengthening related laws and regulations. The report also called for the establishment of a port which can cater to the needs of vessels travelling through Maldives waters from the West to the East.