Government in discussion with a Chinese Company about investment in the tourism industry

The government has started discussions with a Chinese company with regard to developing tourist resorts and other services in the Maldives, which cater specifically to Chinese tourists.

In an interview with Forbes last week, President Mohamed Nasheed said that discussions are underway with Chinese company EGT, for one of the biggest investments to date to be made in the Maldives.

Forbes also indicated that this will be the biggest foreign investment in the Maldives so far.

Minister of Tourism, Maryam Zulfa said today that EGT has proposed a “huge” investment in the Maldives. Inclusive of CSR, they have proposed to invest about USD 200 million (Rf 3.1 billion using official rate).

“Because this is such a large investment, there are many things we have to look into and discuss. We propose things, which they check and get back to us - the negotiations are ongoing in this manner. We are definitely moving forward,” Zulfa said. “This will be settled soon.”

Zulfa said that this company has a good reputation and that they provide similar services in China. She also said that Chinese investors usually invest in large sums, and that Chinese tourists differ from European tourists. Their dining habits and everyday behaviors are rather different.

The Minister said that this investment will facilitate opportunities for Maldives to benefit from the Chinese market.

“I believe that our benefits today are limited because we lack focus. A product focused on the Chinese market should help us gain these benefits,” Zulfa said.

While talks are ongoing with this Chinese company interested in investing in the Maldives, a Chinese Embassy has also recently been opened in Maldives.