Foreign Investment Entry Requirements published

The government has published the revised Foreign Investment Entry Requirements, aimed at increasing the participation of Maldivians in the economy and providing more business opportunities.

The entry requirements, published today by the Ministry of Economic Affairs, specify the areas in which foreign investors can invest in the country, the conditions for investment, and rules regarding joint ventures, as well as the areas in which foreign investors cannot invest.

The Cabinet made this decision after consultations with state agencies, investors, and relevant stakeholders. It took into account how local businesses can increase opportunities in growing sectors and maximize profitability.

The main basis of these changes is to reserve areas where Maldivians are developing and to keep sectors where Maldivians currently lack the resources and skills open to foreigners. With this change, the government will help the local population further establish a foothold in developing sectors, gain economic benefits, and increase their contribution to the development of the country.

The government has changed the foreign investment rules to protect the interests of both domestic and foreign investors. Thus, some of the areas where the skills and abilities of Maldivians are increasing have now been reserved for locals. This includes wholesale and retail trade, logistics services, public maritime transportation services, and bunkering services, as well as construction projects under USD 15 million.

At the same time, Maldivians will have the opportunity to invest in joint ventures with foreign companies in areas that require external assistance and expertise.

One of the main objectives of this amendment is to provide economic freedom to the people. Thus, in addition to providing growth opportunities for local investors and small businesses, the government is working to empower locals within the country’s economy.

These policies, which encourage everyone’s participation in the country’s economic development, will open up opportunities for aspiring entrepreneurs as well as existing businesses to participate in the country’s growth and reap economic benefits, thanks to the newly reviewed foreign investment entry requirements.

With the implementation of the revised rules, the Ministry of Economic Affairs has called on local businessmen, youth, and investors to take advantage of this opportunity. They also assured that the government would provide the necessary assistance to local business owners in the areas reserved for them.

These amendments are not only changes to the rules but also steps to empower local entrepreneurs and help the Maldives become a developed country by 2040. The reforms are fully open to foreign investors to invest in key sectors needed to facilitate the vision of President Dr. Mohamed Muizzu, the ministry said.