Minister Saeed said the amendments to the law aim to boost investor confidence in the Maldives.
The government will work to make the Maldives a more investor friendly destination and provide investors with opportunities to expand their businesses, said Minister of Economic Development and Trade Mohamed Saeed.
Speaking at a press conference held at the President's Office after President Dr Mohamed Muizzu ratified the Foreign Investment Act today, Minister Saeed said the amendments to the law aim to boost investor confidence in the Maldives.
He emphasized that the new laws would continue to offer additional concessions through the Act to businesses in the future.
The new Act includes modernized policies and provides enhanced protection for investors.
"If Abu Dhabi and the Maldives sign such an agreement, both Emirati businesses and businesses registered in Abu Dhabi will receive double assurance," Minister Saeed said adding that the Act promotes investment protection.
Saeed said that while the previous law prioritized Maldives' national security, the new law focuses on ensuring transparency and security for investors.
He also highlighted that the new law would protect the interests of Maldivian businesspeople, even when foreign investors are involved. The areas where foreigners cannot invest in the Maldives will be determined based on these considerations.
Once the new law is enacted, the Cabinet will have three months to approve the specific areas where foreign investments will be allowed. Existing investors will need to reapply for permits in these newly designated areas.
The Act mandates that investors in the Maldives obtain a special license for their operations. If an application for an investment permit meets all regulatory requirements, the Ministry of Economic Development and Trade will decide on the application within 30 days of its submission.
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