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Current GDP per capita of Maldives registered a peak growth of 26.5% in the 1980s and stabilised around 11.5% in the 1990s.
Tourism and Fisheries form the two key components of Maldivian economy. The country's shipping, banking and manufacturing sectors are also growing at a considerable pace. Among the South Asian nations, Maldives has the second highest per-capita GDP at 3,900 USD (2002 figure). Major trading partners include India, Sri Lanka, Thailand, Malaysia and Indonesia.
Fisheries
The Maldivian economy was entirely dependent on fishing and other marine products for many centuries. Fishing remains the main occupation of the people and the government gives special priority to the development of the fisheries sector.
The mechanization of the traditional fishing boat called "Dhoni" in 1974 was a major milestone in the development of the fisheries industry and the country's economy in general. A fish canning plant was installed in the island of Felivaru in 1977, as a joint venture with a Japanese firm. In 1979, a Fisheries Advisory Board was set up with the mandate of advising the government on policy guidelines for the overall development of the fisheries sector. Manpower development programs were begun in the early 1980s, and fisheries education was incorporated into the school curriculum. Fish aggregating devices and navigational aids were located at various strategic points. Moreover, the opening up of the Exclusive Economic Zone (EEZ) of Maldives for fisheries has further enhanced the growth of the fisheries sector. Today, fisheries contribute over fifteen percent of the GDP and engage about thirty percent of the country's work force. It is also the second-largest foreign exchange earner after tourism.
Cottage industries
The development of the tourism sector gave a major boost to the country's fledging traditional cottage industries such as mat weaving, lacquer work, handicraft, and coir rope making. New industries that have since emerged include printing, production of PVC pipes, brick making, marine engine repairs, bottling of aerated water, and garment production.
Labels: atoll, cottage, economy, fisheries, indian ocean, industries, island, maldiv, maldives
