Island Cottage, The Maldives


Maldives was largely terra incognita for tourists until the early 1970s. Only 185 islands are home to its 300,000 inhabitants. The other islands are used entirely for economic purposes, of which tourism and agriculture are the most dominant. Tourism accounts for 28% of the GDP and more than 60% of the Maldives' foreign exchange receipts. Over 90% of government tax revenue comes from import duties and tourism-related taxes. The development of tourism fostered the overall growth of the country's economy. It created direct and indirect employment and income generation opportunities in other related industries. The first tourist resorts were opened in 1972 with Bandos island resort and Kurumba Village, which transformed the Maldives economy.

According to the Ministry of Tourism, the emergence of tourism in 1972 transformed the economy, moving rapidly from dependence on fisheries to tourism. In just three and a half decades, the industry became the main source of income. Tourism was also the country's biggest foreign currency earner and the single largest contributor to the GDP. As of 2008, 89 resorts in the Maldives offered over 17,000 beds and hosted over 600,000 tourists annually.


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