Maldives secures 30 foreign investments in seven months

Maldives has secured 30 foreign investments in the seven months of the new government, economic ministry said Wednesday.

Registrar of companies Mariyam Visaam told AVAS on Wednesday that a number of foreign investors have continued to express interest to invest in the island nation with several agreements already signed in the last few months.

"It takes around six months to realize the capital investments after foreign investments are registered. That is primarily to mobilize the investment and recruit employees. From that point the capital investments are usually realized. So we can only know how many foreign investments we've managed to secure after the end of the year when an assessment is done," Visaam explained.

As expected, Visaam said the majority of the investments were for the tourism industry.

"But there are several foreign companies partnering with local firms under a JV (joint venture) investing over USD5 million in the construction industry," she added.

She said the government's plan to amend and introduce more investor friendly legislation would boost foreign investments in the country.