Economic Minister Mohamed Saeed has stated that the government is focused on attracting new foreign investments to significantly boost the country’s economy.
Speaking to reporters following the ratification of the Maldives' new Foreign Investment Act, Minister Saeed highlighted that the law is designed to enhance investor confidence and streamline the process of attracting foreign investments. He emphasized that the new legislation offers investors opportunities that were previously unavailable in the Maldives.
Saeed said President Dr. Mohamed Muizzu's policies are centered on improving the Maldives' economic and financial sectors, as well as increasing business and investor trust. The newly ratified investment law aligns with the government's policies and modern changes, and the government will continue to facilitate eases to businesses through new laws in the future, he said.
"Among his [President's] promises are major structural reforms to the economy- expanding trade, making the Maldives an easy place to do business, and developing real estate as a business sector," Saeed said.
The minister said the Foreign Investment in Maldives Act, which was previously in force in Maldives, mainly focused on the country's national security. However, the law, which came into force today, gives priority to transparency and investor protection, he said.
Attorney General Ahmed Usham also spoke to reporters and stated that the law passed today is investor-friendly. All previous governments attempted to provide facilities for investors through legislation but only the current government has been able to achieve this in practice, he said.
"Such laws are typically very time-consuming and costly. However, the President's vision is to make the Maldives an investor-friendly country. If amendments to existing laws or new laws need to be formulated, the plan is to do the work as soon as possible," he said.
