The latest amendments to the Foreign Investment Act is poised to expand the role of foreign investments to the Maldives, boosting and expanding the economy.
Minister of Economic Development and Trade, Mohamed Saeed, said this at a press briefing held at the President’s Office.
President Dr. Mohamed Muizzu ratified the amendments to the Foreign Investment Act on Tuesday.
At the press briefing, Saeed said the current administration aims to increase the foreign investment appeal in the Maldives.
“To expand trade, make Maldives a convenient place for trade, and to develop real estate and other such economic sectors. I believe this law to be boost for Maldivian businesses and foreign businesses that invest in the Maldives,” Saeed said.
He further emphasized the amendments also ensure protection of foreign investors, but assured that the interests of local businesses will not be harmed despite the broadened scope for foreign investments.
With the government aiming to make the Maldives investor friendly, Attorney General Ahmed Usham said the state has launched efforts for major legal reforms.