STO to foray into tourism

Thursday, July 5th, 2007

State Trading Organization (STO) revealed that they are trying very hard to widen international trade and to enter the tourism trade. STO revealed that they have made an attempt to enter tourism by bidding for the construction of the five star hotel at Hulhumalé.

While talking about the future of STO at the news conference held Tuesday, STO’s managing director Mohamed Manik said that the main aim of the company is to minimize their reliance on oil trade which currently holds the greatest share of the company’s business and to widen tourism and international trade. He said the hotel project is a very hopeful project. “We have proposed a bid. We presented the highest bid. So we are very hopeful,” Manik said. He said that the main aim is to decrease the reliance on oil. He said that if they are relying on oil they could face a great losses when the price of oil escalates.

Earlier this year STO had sold a resort. They are now trying to sell the tea plantation. Regarding this he said that this time they are very keen to enter into the tourism industry and they are thinking of taking a partner in running food shops. Information about STO’s international trade was given by Muneez who was the head of STO Singapore. There are 5 people who were working with Muniz at STO Singapore. Two Maldivians including himself and two Singaporeans and an Indian. The reason for employing foreigners is because of system that govern Singapore’s Visa policy.

Giving information about dealing with international trade, Muniz said there are numerous opportunities for Maldives. He said that currently STO is trading in oil and they have decided to start trade other commodities such as steel. He explained that this trade is based on selling goods from one company to other. 

On Tuesday’s news conference, STO revealed that upgrading of its shops in the islands will be carried out this year. In addition, the questions of the journalists regarding the selling of additional shares, selling allied shares and increasing the share price issues was discussed. STO’s role in controlling prices was also discussed.

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