Caltex a key player in Maldivian lubricant industry

Prudent macro-economic management and the conducive environment for business activities in the Maldives has helped the country to achieve faster economic growth than Sri Lanka, said Caltex Managing Director, CEO Kishu Gomes at a media briefing in Colombo recently.

He was speaking after signing the agreement between Caltex and Damas, the agent for lubricants in the Maldives.

Gomes said despite many limitations such as land and human resources the Maldives has achieved a faster economic growth rate than Sri Lanka and would pose a major threat as an emerging economy in the region.

The country recorded an annual GDP growth rate of 7.9 percent over the past 15 years and has curbed inflation growth.

Fisheries and tourism, the two revenue earning industries of the country have been a major strength and an impetus to the economy.

Caltex entered the Maldivian market in 2003 and has been a key player in the lubricant industry as one of the major exporters.

Director, General Manager, Caltex, Imal Fonseka said the company realised the potential for lubricants in the Maldives and the conducive business environment and political stability has encouraged us to renew our commitment.

"The objective is to increase the market share and develop the lubricant industry in the Maldives", he said.

The market needs approximately 2.6 million litres and Caltex hopes to make strong inroads by securing a market share.

Caltex has a 10 percent market share and expects a 5 percent annual growth in the lubricant market in the Maldives.