History
When STO took root in 1964, the outlook for the Maldives was grim to say the least. The population was a mere 100,000. The only communication with the outside world was the Morse code and the ham radio. The only airstrip was one put together by the British Royal Air force and inter-atoll transport was limited to trips on the traditional sailing dhoni.
The only resource available was fish, and consumers were at the mercy of importers. Even the most basic food items were expensive. The country had no banks development was slow with no local fund for major investments and no commercial industry.
The need for a central purchasing organization to raise living standards and encourage development was acute. The government responded with the establishment of the Athireegemaafannu Trading Agency (ATA) - the beginning of STO, and the catalyst of change in the Maldives.
ATA financed the purchase and import of essential items in bulk; sold them to the public at low mark-up prices and also purchased supplies for the government.
With proven success in contributing to national development, ATA expanded into the State Trading Organization (STO). The STO undertook all trading and commercial activity on behalf of the Maldivian government.
The nation was growing, and so were the nation's demands. Now the need was not just for staples like rice sugar and flow, but also for quality merchandise, improved construction material and for state-of-the-art consumer goods.
The winds of change were blowing across the nation and STO responded by looking beyond its traditional role of state trader. It began to take up alternative enterprises to earn foreign exchange and broaden the nation's revenue sources.
Read more about this topic: State Trading Organization
Famous quotes containing the word history:
“I believe that in the history of art and of thought there has always been at every living moment of culture a “will to renewal.” This is not the prerogative of the last decade only. All history is nothing but a succession of “crises”Mof rupture, repudiation and resistance.... When there is no “crisis,” there is stagnation, petrification and death. All thought, all art is aggressive.”
—Eugène Ionesco (b. 1912)
“History has neither the venerableness of antiquity, nor the freshness of the modern. It does as if it would go to the beginning of things, which natural history might with reason assume to do; but consider the Universal History, and then tell us,—when did burdock and plantain sprout first?”
—Henry David Thoreau (1817–1862)
“I am ashamed to see what a shallow village tale our so-called History is. How many times must we say Rome, and Paris, and Constantinople! What does Rome know of rat and lizard? What are Olympiads and Consulates to these neighboring systems of being? Nay, what food or experience or succor have they for the Esquimaux seal-hunter, or the Kanaka in his canoe, for the fisherman, the stevedore, the porter?”
—Ralph Waldo Emerson (1803–1882)