New law opens opportunities for Maldives contractors: MACI

Maldives National Association of Construction Industry (MACI) said that a new rule has been drafted to help Maldivian contractors and construction workers expand their business within the sector.

In a statement, the association confirmed it had provided its views and consultations during the drafting of the Foreign Investment Entry Requirement, which was published On Wednesday by the Economic Ministry. MACI expressed satisfaction that the government had taken its suggestions into consideration.

MACI urged the government to leverage the opportunities created by this change to expand investment and service work in reserved sectors. It also called for a focus on the difficulties encountered due to the recent suspension of operations by foreign companies working in these sectors.

The government has introduced changes to the Foreign Investment Act, essentially opening up new doors for local businesses. This reform sets aside several key sectors, giving Maldivian companies a stronger chance to thrive in areas like wholesale and retail trade, logistics and public shipping services, banking, and smaller construction projects valued under USD 15 million.

The amendment also makes it easier for Maldivians to partner with international firms, allowing local investors to form joint ventures on projects that require specialized foreign expertise or advanced technical know-how.