The Foreign Investment Bill, which sets out the rules for determining the areas in which foreign investors can invest in the Maldives, has been introduced in the Parliament.
Manadhoo MP Ahmed Haroon moved the bill on behalf of the government. The bill's objectives include determining the areas in which foreign investors can invest in the Maldives and the policies for issuing investment approvals and licenses while also setting out the circumstances in which foreign investment licenses can be withheld and revoked. It also defines the responsibilities of investors and the areas of protection and safeguards available to investors.
The bill also incorporates provisions for the state's withdrawal of investment under special circumstances, such as when it serves the public interest or is essential for the security of the Maldivian territory. In these instances, the bill ensures that adequate compensation is provided to affected foreign investors.
As per the bill, when the bill is enacted into law, the existing "Law on Foreign Investment in the Republic of Maldives" will be repealed.
