President Abdulla Yameen Abdul Gayoom has said that speeding up the court process for cases involving businesses in the Maldives was vital in securing entrepreneurs’ trust in the country’s investment sector.
Speaking after inaugurating the colloquium 'Doing Business in the Maldives – A Judicial Perspective' on Monday, President said legal reform actions were being taken to ensure that major legal cases that affect financial intermediaries such as banks, reach a final resolution of the Supreme Court within five to six months of filing.
In his speech, the President highlighted the measures taken in the past to promote the country’s foreign investment sector to the world. In this regard, the President noted the success of publicity road shows held in different countries. He also underscored that a law on foreign investments in the Maldives was being implemented, and necessary legal reform actions were being taken to strengthen the sector.
President Yameen stated that the government's primary aim was to make the Maldives one of the leading countries in the region and in the world, in entrepreneurship and financial sectors.
He noted that the government was working on making the country the most feasible country for investors, and to improve credit rating. He also pointed out that this would facilitate in minimising investment risks, and ensuring compensation for damages, which would in turn maintain investors’ trust.
Pointing out that the Maldives was politically independent and sovereign, the President noted that the country has so far been unable to practice the same freedom in financial matters, or foreign investments.
However, the President said that the Maldives boasted a healthy and robust economy, noting that this status could only be maintained with necessary legal reforms and their implementation.