Minister of Economic Development and Trade, Mohamed Saeed, has stated that the current government has attracted 108 foreign investments to the Maldives in about a year, which he says is a significant improvement compared to previous administrations.
The government has been working extensively to create favorable opportunities for foreign investments in the Maldives. As part of this effort, business forums are held in every country President Dr. Mohamed Muizzu visits on official trips. These forums bring together Maldivian and foreign businesspeople, sharing information about investment opportunities in the Maldives and important projects planned by the government.
Minister Saeed said that these business forums demonstrate the level of investor interest in the Maldives and benefit the country.
Speaking on PSM News’ “Raajje Miadu” program, Minister Saeed shared statistics on investments in the Maldives since 2007:
Foreign Investments Registered:
November 2007 – November 2013: 206 investments
December 2013 – November 2018: 403 investments
December 2018 – November 2023: 398 investments
December 2023 to date: 108
Minister Saeed said these numbers show good progress during the current term.
“The best year among these was 2013 to 2018, with about 403. Looking at five years, that’s about 81 foreign investments per year. Since President Dr. Muizzu took office Muizzu took office, 108 foreign investments in just a year. This is a very significant improvement,” said Minister Mohamed Saeed.
Minister Saeed noted that when the previous government took office, the country’s financial and economic situation was in a good position. However, he pointed out that even without considering the COVID-19 situation, not enough work was done to attract good investments.
The current government has held business forums in six countries so far: China, UAE, India, Malaysia, Singapore, and the UK. In India, forums were held in three cities. The Ministry of Economic Development and Trade stated that these forums have increased the number of parties seeking information about investing in the Maldives and those registering investments.
The government has also introduced a new modern Foreign Investment Act to create a favorable environment for investors in the Maldives. The government says this law ensures protection for investors and helps gain their trust.
The new law includes provisions for determining investment areas in the Maldives and sectors reserved only for Maldivians. It also requires issuing licenses to investors and allows the state to take action if investment rules are violated.
