On Jul 31, 2024, we successfully held our first Extraordinary General Meeting (EGM) of the year at our head office. This meeting marked a significant milestone for us as we reviewed our progress in 2022 and set the stage for our strategic initiatives and developments for the upcoming year.

The event brought together several of our key stakeholders to engage in crucial discussions and make important decisions for the future of the company. Below are the key points of discussion at the event.

Chairperson’s Speech

In his speech, Chairperson Mr. Siyah Khaleel highlighted the limitations and obstacles the company is facing, detailed the steps taken to reduce and manage expenses, and outlined the efforts made to ensure compliance with the Privatisation and Corporatisation Board's Corporate Governance code. 

Financial Independence and Constraints

He noted financial limitations as the primary obstacle to the company’s progress and emphasised that efforts are underway to achieve financial independence, reducing reliance on government funding. 

Cost Reduction and Austerity Measures

Mr. Khaleel also highlighted the company’s proactive approach in adhering to government austerity measures by implementing rigorous cost-reduction strategies. This includes a thorough review of operational expenses and streamlining processes to ensure efficient use of resources.

Compliance with Corporate Governance

The Chairperson addressed the company's commitment to compliance with the PCB's Corporate Governance (CG) code, with all relevant policies accessible to the public on the website. 

Concluding his address, he reaffirmed Tradenet's role in the government's digitalisation efforts and reiterated the company’s commitment to delivering quick, reliable, and high-quality services.

Annual Report & Audited Financial Statements

During the EGM, we shared a comprehensive video presentation on the Annual Report and Audited Financial Statements, during which we highlighted key organisational achievements of 2022. The video showcased some of our significant developments such as the launch of oneGov and the continued success of the 1500 Help support centre. 

On the financial front, the presentation provided an update on our revenue, operating costs, net loss, and liabilities, offering detailed explanations for the financial outcomes and their implications for our future.

Managing Director’s Speech

In her speech, Managing Director Saeeda Umar emphasised that the talented and knowledgeable staff of Tradenet are our greatest asset. 

She acknowledged that financial constraints have limited our ability to hire additional staff and undertake more projects. 

However, she reassured stakeholders that there are strategic plans in place to address these financial challenges and improve the situation in the near future, aiming to enhance the company’s capacity and project scope.

Strategic Action Plan 2024 - 2026

We also delivered a detailed presentation on Tradenet’s Strategic Action Plan for 2024 to 2026 during the EGM. It outlined the key priorities areas for the company: 

• Financial Stability: To achieve our financial stability, our focus is on becoming financially independent relying less on government support. Diversifying our income sources and finding ways to cut costs are essential steps for us to reach this goal.

• Digital Transformation: We aim to drive digital transformation by delivering innovative solutions that enhance efficiency and transparency. Our initiatives will also focus on promoting inclusivity within the Maldivian economy and society.

• Institutional Capacity Building: We plan to move forward on this front by improving our internal operations and fostering a culture of continuous improvement. At Tradenet, we aim to boost our operational efficiency and strategic agility to drive digital transformation and enhance trade facilitation in the Maldives.

• Empowering local community and ICT ecosystem: We plan to further empower our local community and ICT ecosystem by providing the essential knowledge, skills, and resources needed to thrive in the digital age. At Tradenet, we’re committed to driving positive social change, fostering digital inclusion, and promoting economic development at the grassroots level.

Q&A Session

During the EGM, we conducted a Q&A session with our stakeholders, allowing them to voice their concerns and seek clarifications. 

Legal Constraints

One of the key topics we addressed was the legal constraints the company has been facing. At present, there is no legislation specifically focused on digitalisation. It was noted that bills to address these issues have already been drafted, and meetings with relevant agencies are scheduled for the coming weeks to further discuss and resolve these constraints. 

Financial Constraints

Additionally, we also covered financial constraints we face, with detailed explanations on the strategies and measures being implemented to overcome these challenges. This open dialogue aimed to reassure stakeholders of the company’s proactive approach to both legal and financial issues.

…

The first Extraordinary General Meeting (EGM) of 2024 marked a significant milestone for Tradenet Maldives, reflecting our continued commitment to transparency and strategic growth. 

This pivotal event provided a platform to address key issues relevant to the company and outline our future direction. 

We extend our heartfelt gratitude to our stakeholders from the Ministry of Finance, Auditor General's Office, Privatization and Corporatization Board, and external auditors. 

Your invaluable support and contributions remain essential in steering our efforts and securing the continued success of Tradenet.