MATATO News - Feb 2024

Issue 05 | February 2024

MATATO A Monthly Publication by Maldives Association of Travel Agents and Tour Operators (MATATO)

N E W S Chinese market analysis Read more on Page 8 ____________________________

MATATO Advocates for Increased Investment in Tourism Promotion Read more on Page 12 ____________________________

MATATO appoints new CEO Read more on Page 16 ____________________________

MATATO Calls for Government Action to Ease Maldives' Dollar Crisis Read more on Page 17

1 MATATO News

CONTENTS MATATO DASHBOARD

3

Upcoming properties

5

Upcoming MMPRC Fairs

6

ECONOMIC UPDATE

7

Chinese market - analysis

8

MATATO Advocates for Increased Investment in Tourism Promotion

12

MATATO ACTIVITIES 2023

15

MATATO appoints new CEO – aminath suzan

16

Maldives Protected and Conserved Areas Forum 2024 Brings Together Experts 16 MATATO Calls for Government Action to Ease Maldives' Dollar Crisis 17

MATATO NEWS Monthly News by MATATO Cover Photo & Photos: istockphoto/ shutterstock CONTRIBUTIONS MATATO MANAGEMENT TEAM Aminath Suzan Abdulla Ghiyas Fathimath Shaha Mohamed Shaz Waleed Ibrahim Didi Mohamed Khaleel Ibrahim Nizam Abdulla Suood Mohamed Bassam Adam Ignaz Mansoor Hathim Hassan ADVERTISING & EDITORIAL For advertising & editorial queries please email to admin@matato.org CONTACT Email : admin@matato.org Phone :+960 3000 929 Mob# :+960 739 0050

MATATO News

© MATATO NEWS 2024 All rights reserved.

2

MATATO dashboard 2022 International Tourism Arrivals (million)

- 969

2022 Maldives Tourism Arrivals

- 1,675,303

2023 Maldives Tourism Arrivals

- 1,878,543

Maldives Tourist Arrivals Monthly 2024 vs 23 vs 22

Maldives Top 10 Markets 2024

Maldives Top 10 Markets 2023

Maldives

INTERNATIONAL TOURISM TO END 2023 CLOSE TO 90% OF PREPANDEMIC LEVELS unwto

Resorts 67%

Occupancy rate (%) Guest Hotels Houses 48% 32%

Sources: UNWTO Ministry of Tourism – Maldives Maldives Inland Revenue Authority (MIRA) Maldives Monetary Authority (MMA)

Safari Vessels 25%

61,518 total Operational beds in Maldives as at 01st February 2024 Percentage of Beds per Industry Resorts 70% Hotels 3% Guesthouses 22% Safari Vessels 5%

3 MATATO News

MATATO dashboard Government Revenues - Tourism Related (MVR) Departure Tax Green Tax Tourism GST Airport Development Fee Tourism Land Rent

Dec-23 88,106,194 81,989,206 824,481,528 89,205,008 377,506,830

Jan - Dec 2023 983,218,619 999,070,898 8,778,254,559 1,010,496,323 1,761,991,880

Total Revenue (related)

1,461,334,027

13,533,032,279

The occupancy rate for Maldives beds in 2024 stands at 77% based on the available capacity.

77%

Govt Dollar income per tourist 467 USD (Estimate based on 2023 USD Revenue)

Bed capacity utilization (2023)

The newest UNWTO World Tourism Barometer also shows: • World destinations welcomed 22% more international tourists in the third quarter of 2023 compared to the same period last year, reflecting a strong Northern Hemisphere summer season.

• International tourist arrivals hit 91% of pre-pandemic levels in the third quarter, reaching 92% in July, the best month so far since the start of pandemic.

• Overall, tourism recovered 87% of prepandemic levels in January-September 2023. That puts the sector on course to recover almost 90% by the end of the year.

• International tourism receipts could reach USD 1.4 trillion in 2023, about 93% of the USD 1.5 trillion earned by destinations in 2019.

Sources: UNWTO Ministry of Tourism – Maldives Maldives Inland Revenue Authority (MIRA) Maldives Monetary Authority (MMA)

4 MATATO News

Upcoming properties Property

Region

Opening

Infinite Maldives by Cocoon

Malé Atoll

2025

Ozen Privé Athiri Gili

Malé Atoll

2024

Meyyafushi

Lhaviyani Atoll

2024

Avalon Maldives

Dhaalu Atoll

2024

Villa Haven

South Ari Atoll

2024

Nammos Maldives

Malé Atoll

2025

Joali Lagoon

Malé Atoll

2025

JW Marriott Emboodhoo Finolhu

Malé Atoll

2025

Feydhoo Finolhu

Malé Atoll

2024

Capella Maldives

Malé Atoll

2025

Centara Lagoon

Malé Atoll

2025

Centara Grand Muthaafushi

Baa Atoll

2024

Al Mahra

Laamu Atoll

2025

Corinthia Maldives

Malé Atoll

2025

Project Delfin

Malé Atoll

2025

Soneva Secret

Haa Dhaalu Atoll

2024

Mandarin Oriental Bolidhuffaru Reef

Malé Atoll

2025

Rosewood Ranfaru Maldives

Malé Atoll

2025

Bulgari Resort Ranfushi

Raa Atoll

2025

Source: Hotelier Maldives

5 MATATO News

Upcoming MMPRC Fairs

Source: MMPRC/ Visit Maldives

6 MATATO News

ECONOMIC UPDATE

Source: Maldives Monetary Authority (MMA)

7 MATATO News

MATATO Chinese market - analysis

From 2010 to 2019, China held the position of the largest source market for the Maldives, marking the first instance of a non-European market dominating the Maldivian tourism landscape. In 2010 alone, a total of 118,961 Chinese tourists arrived, setting the stage for a decade-long reign at the top and significantly bolstering arrival figures. During this period, the Chinese market consistently commanded substantial shares, peaking at 25.2% in 2016 and gradually decreasing to 16.7% in 2019.

However, the onset of the coronavirus pandemic in 2020, led to widespread travel restrictions imposed on China by various destinations, including the Maldives. On February 5, 2020, the Maldives issued its first travel advisory concerning China. In response to the crisis, China adopted a stringent "zero Covid-19" strategy, culminating in the closure of its borders to foreigners effective March 28, 2020. Consequently, outbound travel from China came to a complete halt, resulting in a significant decline of -87.9% in Chinese arrivals to the Maldives, plummeting to the 6th position in 2020.

Despite the gradual reopening of borders worldwide, China maintained its cautious approach to outbound travel from 2020 to 2022, discouraging international travel. However, on January 8, 2023, China reopened its borders, ending a threeyear hiatus due to the pandemic. Although analysts anticipated a surge in travel, the expected rebound did not materialize as projected. Nevertheless, by the end of 2023, China reclaimed its position as the third-largest source market for the Maldives, with 187,118 tourists visiting in 2023.

Before the pandemic, China stood as the world's largest outbound tourism market, with Chinese tourists accounting for 20% of total international tourism spending. Despite the setback caused by the pandemic, there were signs of recovery in the Chinese outbound tourism market, with the United Nations World Tourism Organization reporting a 55% recovery in the third quarter of 2023. However, international travel remained below pre-pandemic levels, as indicated by data from global travel data provider OAG, showing that international seats in November 2023 were only 57% of those in November 2019.

While the recovery of international travel by Chinese tourists in 2023 fell short of expectations, experts remain hopeful for a full recovery in 2024, projecting a return to China's status as the world's largest travel market. Wolfgang Arlt, director of the China Outbound Tourism Research Institute, expressed confidence in China's resurgence, predicting that arrival numbers in most destinations would nearly match or exceed pre-pandemic levels by 2019.

Weekly flights from CHINA to Maldives • • • •

MATATO, having collaborated with the China Outbound Tourism Research Institute previously and hosted Wolfgang Arlt in the Maldives. MATATO forecasts that China will emerge as the number one source market for the Maldives in 2024.

SICHUAN AIRLINES – Chengdu, 1 flight weekly HONG KONG AIRLINES - HONG KONG, 2 flights weekly CHINA Eastern – Shanghai, 2 flights weekly BEIJING CAPITAL AIRLINES – Beijing, 1 flight weekly

350,000 300,000 250,000

Tourist Arrivals from China, 2016-2023 Year

2016

2017

2018

2019

2020

2021

2022

2023

Arrivals Growth (%)

324,326

306,530

283,116

284,029

34,245

2,238

12,764

187,118

-9.80%

-5.5%

-7.6%

0.3%

-87.9%

-93.5%

470.3%

1366.0%

200,000 150,000 100,000 50,000 0 2016 2017 2018 2019 2020 2021 2022 2023

MATATO News

Tourist Arrivals from China, 2016-2023

8

Tourist Monthly from China, 2023 Month

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Arrivals

5,796

4,276

7,619

13,504

15,204

17,028

28,134

28,106

25,065

17,406

11,880

11,531

Tourist Monthly from China, 2023 30,000 25,000 20,000 15,000 10,000 5,000 0 Jan

Feb Mar

Apr May Jun

Jul

Aug Sep

Oct

Nov Dec

Monthly Arrival Trends China, 2016-2020

Chinese Arrivals & Market Share, 2016-2020

Top 10 Markets, 2023

China - Monthly Ranking Top Markets, 2023 Month

Rank

Jan

8

Feb

9

Mar

7

Apr

4

May

2

Jun

1

Jul

1

Aug

1

Sep

1

Oct

1

Nov

5

Dec

6

9 MATATO News

China’s Road to Recovery China's travel resurgence faces challenges stemming from three critical issues: limited flights, soaring prices, and the downsizing of Chinese tour operators amid the pandemic.

As of December 2023, China's international seat capacity reached only 62% of the levels recorded in December 2019, according to aviation analyst firm OAG. Oliver Sedlinger, CEO of China-based tourism marketing consultancy Sedlinger and Associates, remains optimistic, stating that the country's progress, from 10% of pre-pandemic levels a year ago to 62% by the end of the year, suggests a potential return to normalcy in the near future.

Oxford Economics predicts that China's international trips in 2024 will approximately double compared to 2023

Dragon Trail, a China-focused digital marketing and travel company, forecasts a 70% recovery for China's outbound travel market by the close of 2023, aligning with airline plans for the winter-spring season.

Tiana Tian, a research analyst at Dragon Trail, envisions 2024 as a year of recovery, with the remaining 30% of lost travel demand gradually returning throughout the year. Factors driving recovery include holiday periods such as May Day and the National Day Golden Week, leading to a full recovery to pre-pandemic levels by the end of 2024.

Limited personal income and time constraints emerge as the primary reasons for Chinese travellers choosing not to venture abroad, according to survey results.

Oxford Economics predicts that China's international trips in 2024 will approximately double compared to 2023 figures but remain 22% below 2019 levels. A full recovery to pre-pandemic levels is anticipated in 2025, with the Middle East expected to be the first region to recover Chinese tourism, especially in the luxury travel sector.

Key factors influencing China's outbound travel rebound in 2024 include air links and visa issues

British Airways and Cathay Pacific Airways are gearing up to capitalize on this projected resurgence. British Airways plans to double its Chinese cabin crew to 100, stationed in Beijing and Shanghai, responding to the increasing demand for upscale leisure experiences between China and the UK. Meanwhile, Cathay Pacific Airways is welcoming 100 new cabin crew members from mainland China, aiming to integrate 1,500 mainland talents into its global workforce by 2025.

Key factors influencing China's outbound travel rebound in 2024 include air links and visa issues, as highlighted in research conducted by the Tongcheng Research Institute. Over 63.9% of respondents express plans for outbound travel, with more than 40% intending to complete more than two outbound trips in 2024.

Oxford Economics, in its January 2024 report, provides additional insights:

Outbound Visits to All Global Destinations: China vs Other Source Markets

• Anticipates that Chinese outbound travel will double in 2024 compared to 2023.

• Expects full recovery to pre-pandemic levels by 2025, marking a slower recovery compared to other global source markets.

• Foresees the Middle East experiencing the quickest recovery in arrivals from China, surpassing pre-pandemic volumes in 2024.

• Predicts that Chinese travel to APAC, Africa, Europe, and the Americas will fully recover by 2025 and 2026, respectively.

• Forecasts that Chinese outbound travel will surpass demand from other source markets from 2026 onwards, re-establishing itself as a major driver of global travel.

10 MATATO News

MATATOs work developing Chinese market Maldives Association of Travel Agents and Tour Operators (MATATO) between the years 2012 and 2019 assumed a pivotal role in shaping the landscape of the Chinese tourism market with regards to Maldivian tourism. Notably, local travel agents emerged as early adopters in acquainting Chinese travellers with the attractions of the Maldives, particularly following the opening of China for international travel.

Acknowledging the potential of this emerging market, MATATO proactively engaged in establishing a robust presence, distinguishing itself as the inaugural association to actively participate in prominent trade fairs including IT&CM, ITB China, and COTTM.

Chinese Tourist Arrivals: January 2023 vs January 2024

Jan-23 Jan-24

Arrivals 5,796 18,349

Growth 216.6%

The strategic acumen demonstrated by MATATO was underscored by its orchestration of a series of comprehensive roadshows across China, undertaken even in the absence of widespread confidence in the viability of the Chinese market. These roadshows served as instrumental platforms for showcasing the unique facets of the Maldives to both Chinese travel agents and consumers, thereby laying a strong foundation for the sustained augmentation of Chinese visitation to the Maldives.

In September 2017, MATATO collaborated with the China Outbound Tourism Research Institute (COTRI) to convene comprehensive training sessions in Male', attracting the participation of various resorts and hotels.

These sessions were tailored towards comprehending and catering to the preferences of the discerning Chinese traveller, thus ensuring the continued appeal of the Maldives as a coveted destination for this critical market segment.

Furthermore, MATATO's strategic alliance with the Maldives Marketing and Public Relations Corporation (MMPRC) facilitated the organization of impactful roadshows in key urban centres such as Shanghai and Beijing, alongside active involvement in trade exhibitions across influential markets including Hong Kong and Macau. These endeavours played a pivotal role in amplifying awareness and fostering interest in the Maldives among Chinese travellers.

Recognizing the imperative of ensuring a safe and welcoming environment for Chinese visitors, MATATO collaborated closely with the Embassy of the People's Republic of China in the Maldives to institute a targeted safety campaign. This initiative sought to address any apprehensions or concerns among Chinese travellers, thereby cultivating a positive and secure milieu for their arrival in the Maldives.

Through its multifaceted approach encompassing strategic marketing, training initiatives, and collaborative partnerships, MATATO significantly contributed to positioning the Maldives as a premier destination for Chinese travellers, thereby laying the groundwork for sustained growth and prosperity in this pivotal market segment.

On February 1, 2024, MATATO participated in the Fifth Meeting of the Joint Meeting Mechanism for Chinese Tourist Safety in the Maldives, organized by the Embassy of the People’s Republic of China with support from the Ministry of Foreign Affairs and Ministry of Tourism. MATATO reaffirmed its commitment to supporting the Chinese Embassy and highlighted past collaborative efforts from 2016 to 2018. Initiatives included distributing safety leaflets to educate and assist Chinese travellers, with plans to continue and expand upon these efforts.

11 MATATO News

MATATO Advocates for Increased Investment in Tourism Promotion Background In 2017, MATATO launched a landmark report shedding light on the critical role of destination marketing in the Maldives' tourism sphere.

The report, unveiled by MATATO's President, Abdulla Ghiyas, during an exclusive media event at Hulhule' Island Hotel to mark World Tourism Day, delved into the imperative of positioning the Maldives as a premier global tourist hub.

Link to Copy of the Report

During the event, Ghiyas underscored the paramount importance of destination marketing, stressing the need for concerted efforts to fortify the Maldives' standing in the global tourism arena. MATATO's persistent advocacy for intensified destination marketing had been evident across various platforms and media outlets over the years.

Entitled "Importance Of Destination Marketing," the report extensively explored the myriad benefits of amplifying the Maldives' appeal as a tourist haven on a global scale. It provided comprehensive insights into the revenue streams generated by visitors from the top 14 countries, along with detailed visitor demographics. Furthermore, the report meticulously dissected the challenges confronting the Maldivian tourism sector, juxtaposed with comparative analyses of rival markets such as Sri Lanka, Mauritius, and Seychelles.

The report drew inspiration from MATATO's flagship event, the 'Maldives Travel Conference,' held at Bandos Resort. Serving as a melting pot for international and local experts, the conference facilitated substantive dialogues among stakeholders and policymakers in the tourism domain. Notably, the conference attracted over 150 travel professionals, comprising hoteliers, travel executives, and representatives from key stakeholders.

A highlight of the conference was a riveting panel discussion on the "Importance of Destination Marketing," spearheaded by Ms. Sonali Chatterjee, Sales Director India & South Asia, representing CNN International. Joined by esteemed panellists including Mr. Mohamed Khaleel – Chairman of MMPRC, Mr. Feizal Samath - TTG Asia Correspondent, and Dr. Mario Hardy - CEO of PATA, the discussion delved into pertinent issues surrounding destination marketing strategies.

The panellists delved into the challenges facing destination marketing efforts in the Maldives, emphasizing the importance of budget allocations and the cultivation of unique selling propositions to set the destination apart from its competitors. Additionally, the discussion underscored the potency of storytelling as a compelling tool for showcasing the Maldives' allure beyond its natural splendour.

Of notable significance was the active participation of fourteen parliament members from the ruling party, who contributed insightful perspectives and posed probing questions, signalling a strong commitment to advancing the Maldives' tourism sector.

12 MATATO News

A Government Investment Perspective Destination marketing is a crucial aspect of tourism development, and governments around the world recognize its significance in attracting visitors, stimulating economic growth, and fostering sustainable development. The Maldives Association of Travel Agents and Tour Operators (MATATO) has extensively researched and highlighted the pivotal role of destination marketing in its previous reports, shedding light on why governments invest more in this area.

Attracting Tourists and Boosting the Economy Effective destination marketing campaigns help showcase the unique attractions, cultural heritage, and experiences a destination has to offer. By promoting these aspects, governments can attract more tourists, leading to increased visitor spending on accommodation, dining, shopping, and various activities. This influx of tourism expenditure contributes significantly to the local economy, creating jobs, supporting businesses, and generating revenue through taxes and fees.

Enhancing Competitiveness In today's global tourism landscape, destinations face fierce competition to capture the attention of travellers. Through strategic marketing initiatives, governments can position their destinations as desirable and competitive choices among travellers. By highlighting key selling points, such as pristine beaches, rich marine life, local islands, local people, luxury resorts, and vibrant cultural experiences, destination marketing efforts can differentiate a place from its competitors and increase its visibility in the market.

Fostering Sustainable Development Destination marketing goes beyond attracting tourists for short-term gains; it plays a crucial role in promoting sustainable tourism development. By showcasing the natural beauty and cultural heritage of a destination responsibly, governments can encourage visitors to appreciate and respect the environment and local communities. Sustainable tourism practices ensure the preservation of natural resources, protection of biodiversity, and equitable distribution of economic benefits, thus safeguarding the destination's long-term viability and attractiveness.

Building Brand Reputation Investing in destination marketing allows governments to build and maintain a positive brand reputation for their destinations. A strong brand identity helps create a lasting impression in the minds of travellers, influencing their decision-making process when choosing a holiday destination. By consistently delivering on promises and exceeding expectations, destinations can cultivate loyalty among visitors, leading to repeat visits and positive word-of-mouth recommendations, further amplifying the effectiveness of marketing efforts.

Addressing Challenges and Opportunities MATATO's previous reports have also highlighted the importance of destination marketing in addressing various challenges and capitalizing on emerging opportunities within the tourism industry.

From mitigating the impact of seasonality and external shocks to capitalizing on niche markets and emerging travel trends, effective marketing strategies enable destinations to adapt and thrive in an everevolving landscape.

13 MATATO News

Current Situation & Return on Investment (ROI) In 2023, the Maldives greeted 1,878,543 tourists, with MATATOs computation of Five US dollars spent by the Government for each tourist directly towards destination marketing efforts conducted by the Maldives Marketing & Public Relations Corporation (MMPRC), this an estimate based on all public data. The Government's Return on Investment (ROI) from direct and indirect tourism-related taxes and revenues is estimated at Six Hundred US dollars per tourist, resulting in an impressive ROI of 12,000%.

Below, we compare the figures with the marketing expenditures of our competing destinations based on MATATO's report from 2017 “Importance of Destination Marketing”:

2023 1,878,543

Total Tourist Arrivals Estimated Govt Spend per tourist Estimated Govt Income per tourist

$5 $600 12,000%

ROI

Government vs Private Sector in Tourism Marketing: 2023

Annual Marketing Budgets In Competitive Destinations: 2017

Destination Seychelles Mauritius Sri Lanka Indonesia

US $ 10.7 Million 16.7 Million 22.2 Million 225 Million

Government

Private Sector

Government spending on tourism as percentage of government spending excluding defence and welfare spending, 2013

The Maldives must step up its marketing efforts to meet the Ministry's goal of attracting 2.3 million tourists in 2024.

MATATO urges that to meet the current destination targets, particularly in the face of fierce competition from other countries, the Maldives should increase its investment in destination marketing, particularly focusing on advertising campaigns. There is a need for targeted campaigns, especially during the low season, such as a Summer Campaign. Additionally, it's crucial for the Maldives to maintain its focus on long-stay source markets to sustain the average length of stay in the destination. To achieve this, the Maldives should adopt better marketing tactics and utilize datadriven metrics to inform decision-making processes.

14 MATATO News

MATATO ACTIVITIES 2023 December • •

MATATO hosts Destination Workshop for stakeholders MATATO Aviation Committee meets Minister of Transport and Civil Aviation

November • • •

MATATO establishes Aviation Committee MATATO Board meets Advisor to the President on Tourism Development MATATO board meets with IMF Team in the Maldives about tax reforms

October • • • •

MATATO joined PATA Travel Market 2023 – New Delhi, India MATATO Holds Local Travel Agents Discussion Forum MATATO Takes Part in Panel Discussion at GM Forum 2023 MATATO Engages with Local TV Stations to Address Challenges

September • •

MATATO Boards meets 2023 Presidential candidates MATATO Releases Report on Tourism and Finance

• •

MATATO joins in welcoming the One Millionth Tourist to Maldives Launches Maldives Travel Awards 2023 nominations.

July

June • • • • •

Association begins Survey data collection on Maldives Tourism and Finance Sector MATATO joined PATA Destination Experience Forum – Kuching, Malaysia MMPRC MD Mr Thoyyib Mohamed was a Speaker at PATA Destination Experience Forum – Kuching, Malaysia MATATO VP Mohamed Shaaz Waleed on Raajje_TV – ‘5 Kaafu Program’ discussing updates on Maldives Tourism MATATO promoted Himalayan Travel Mart 2023 Nepal

May • • • •

MATATO joined PATA Annual Summit & Adventure Mart 2023 – Pokhara, Nepal Maldives Minister of Tourism Dr Abdulla Mausoom Speaker at PATA Annual Summit & Adventure Mart 2023 – Pokhara, Nepal MATATO participated Visit Maldives Storytellers' Conference 2023 held at Crossroads Maldives MATATO partners with Korean Tourism Organisation for roadshow in Male’

April • • •

MATATO Ifthar 2023 (Sponsored by Resort Life) Opened Request for Proposal (RFP) - Maldives Travel Awards 2023 and Maldives Travel Conference 2023 MATATO and Visit Maldives participate in Travel Agents Forum 2023 in Las Vegas in April 2023

March •

MATATO holds Board meeting

February • •

MATATO forms sub committees for Aviation and Foreign Relations MATATO appoints a new Secretary General – Abdulla Suood

January • • MATATO News

MATATO holds first Board meeting for year Association lobbies against the increase in TGST increase

15

MATATO appoints new CEO - Aminath Suzan Aminath Suzan has been appointed as the CEO of the Maldives Association of Travel Agents and Tour Operators (MATATO). Aminath Suzan, former Managing Director of Hotels and Resort Construction Pvt. Ltd, holds the distinction of being the first female Executive Board member of the Maldives National Association of Construction Industry (MNACI) and an Executive Board member of National Federation of Maldivian Employers (NFME).

Suzan's illustrious career commenced in the banking sector, where she served as the face of Premier Banking in HSBC Maldives for seven years. Transitioning to the construction industry, she achieved remarkable milestones, leading one of the major resort development companies in the Maldives. Notably, she represented the Maldives as the Chief Delegate in the 43rd International Federation of Asian and Western Pacific Contractors’ Associations’ (IFAWPCA) Convention in South Korea and served as the Chief Executive for the organization of the 45th IFAWPCA Convention held in the Maldives.

In a male-dominated construction industry, Suzan has shattered barriers, demonstrating that women can excel in the field. In 2019, Women in Management Maldives recognized her outstanding service with their prestigious award, emphasizing the importance of empowering women in professional spheres. Suzan holds an MBA from the University of Cumbria, United Kingdom. Aminath Suzan's appointment as CEO reflects MATATO's commitment to gender diversity and leadership in the tourism sector.

Maldives Protected and Conserved Areas Forum 2024 Brings Together Experts The workshop was a joint endeavor led by the Ministry of Climate Change, Environment, and Energy of the Maldives, along with the Ocean Country Partnership Programme (OCPP), a project led by the UK Government under the Blue Planet Fund. Additionally, the IUCN Asia Regional Office (ARO) played a pivotal role as a technical collaborator and driving force behind regional conservation initiatives, including the 30x30 and IUCN Green List.

The objectives of the Forum were to: -

Exchange knowledge from both global and national perspectives to bolster the Maldives' efforts towards achieving The Kunming-Montreal Global Biodiversity Framework.

Share insights from ongoing projects to foster synergy and identify opportunities for future collaborative endeavours in the realm of protected and conserved areas in the Maldives.

Initiate dialogues aimed at formulating national action plans and roadmaps to achieve Target 3 of The Kunming-Montreal Global Biodiversity Framework.

Enhance the capacity of managers overseeing protected and conserved areas across the Maldives.

In his address to the Forum, Minister of Climate Change, Environment, and Energy, H.E. Thoriq Ibrahim remarked that this was ‘the beginning of a journey that will actively contribute to the conservation of our crucial ecosystems’.

The four-day forum was attended by over 80 participants from various countries and concluded with notable outcomes. The establishment of nature parks and three additional biosphere reserves in each atoll was announced.

In addition, six Marine Science Masters Scholarships were awarded. The forum also unveiled a website (https://protectedareas.environment.gov.mv/en ) and handbook, providing information on protected and conserved areas for public access.

16 MATATO News

MATATO Calls for Government Action to Ease Maldives' Dollar Crisis

The Maldives Association of Travel Agents and Tour Operators (MATATO) has issued a warning about the current dollar crisis gripping the Maldives. With limited access to dollars for local businesses and individuals, the situation has reached critical levels, posing a significant threat to the stability of the country's economy.

Highlighting the negative impact of the dollar crisis on the Maldivian economy, MATATO refers to last year's comprehensive report on Maldives Tourism and Finance by MATATO. The Association emphasizes the alarming effect of the crisis on businesses' ability to operate effectively and meet international market demands, identifying it as a vital sector of the Maldivian economy.

A key factor worsening this crisis is the shortage of foreign currency and liquidity issues within local banks. MATATO notes that instead of prioritizing lending to local businesses, banks have redirected funds towards bonds, further tightening the availability of dollars in the market. This misallocation of resources significantly impedes economic growth and exacerbates the dollar crisis.

Another significant challenge is the unsustainable expenditure and borrowing practices of the Maldivian government in recent years, which have undoubtedly contributed to the shortage of foreign currencies in the country. It is crucial for the government to take immediate action to address these challenges and implement prudent fiscal policies to ensure the long-term economic stability and prosperity of the Maldives.

In response to these urgent concerns, MATATO urgently calls upon the Maldivian government to take immediate and decisive action to address the dollar crisis. Swift intervention is needed to alleviate liquidity issues within local banks, promote lending to local businesses, and crack down on illicit currency trading activities. Failure to act promptly risks further destabilizing the economy and undermining long-term prosperity.

Expressing disappointment with the Maldives Monetary Authority (MMA) for its failure to address and resolve the ongoing dollar crisis in recent years, MATATO highlights the regulator's inadequate performance. The Association calls for the resignation of the Governor of MMA, stressing the importance of effective regulatory oversight in maintaining financial stability and ensuring the economic well-being of the Maldives.

Two of the World's leading economies - Japan and the UK - recently entered into recession. These occurrences underscore the financial challenges even large nations are encountering. It serves as a critical alarm for the Maldives, emphasizing the importance of adopting prudent fiscal policies and exercising caution in economic decision-making moving forward.

17 MATATO News

Why matato In the last 18 years of MATATOs existence, the association is known for following: EXPERIENCE Eighteen Years of continued support and service to the industry. (Established in 2006, MATATO continues to contribute as strong partner to the growth of the industry) RECOGNITION AND ACKNOWLEDGEMENT MATATO is a household name in the travel industry of Maldives, recognized at National and International Level. Members of MATATO benefit from representation by an organization acknowledged by the stake holders. MATATO’s opinion and consultation is sought after from all areas including the business sector and in the highest level of the government.

ADVOCACY AND LOBBYING Lobbying with Government, MATATO has always liaised closely with government institutes, have held meetings with cabinet ministers on multiple occasions addressing the concerns of our members and collectively, of the industry. MATATO continues to enjoy and benefit from this strong collaboration with the government.

EXHIBITIONS, FAIRS AND DESTINATION MARKETING MATATO has organized destination stands and roadshows, in India, Finland, Russia, Ukraine, Saudi Arabia, China, Malaysia, Macau, Indonesia, UK, and many other countries.

AFFILIATIONS AND PARTNERSHIPS INTERNATIONAL Pacific Asia Travel Association PATA – MATATO has signed an MOU with PATA for joint collaborations and projects. MATATO is also the local chapter for PATA in Maldives.

TRAININGS AND WORKSHOPS MATATO has been organizing various trainings and workshops for our members and industry PUBLICATIONS MATATO has been publishing an annual magazine, Maldives Finder for the last six years.

EVENTS AND REGOGNITION MATATO has been organizing the Maldives Travel Awards annually for the last several years. The association also hosts the Maldives Travel Conference annually. © MATATO NEWS All rights reserved 2024.

MATATO NEWS 0CTOBER 2023

MATATO NEWS November 2023

MATATO NEWS DECEMBER 2023 18

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