Minister of Economic Development and Trade, Mohamed Saeed, has stated that the current government has attracted 108 foreign investments to the Maldives within about a year, which he considers a significant improvement compared to previous administrations. The government is continuously working to create favorable opportunities for foreign investments in the Maldives. As part of this effort, business forums are held in every country that President Dr. Mohamed Muizzu visits during his official trips abroad. These forums bring together Maldivian and foreign businesspeople, sharing information about investment opportunities in the Maldives and important projects planned by the government.
Minister Mohamed Saeed mentioned in his speech that these business forums reveal the level of investor interest in the Maldives. He also stated that these forums benefit the country. Speaking on PSM News’ “Raajje Miadu” program, Minister Saeed shared statistics on investments received by the Maldives from 2007 to date.
Number of Registered Foreign Investments:
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 that these numbers show good progress during this term.
“Among these, if we consider the best year to be 2013 to 2018, it’s about 403. Looking at five years, that’s about 81 foreign investments per year. After President Dr. Muizzu took office, 108 foreign investments in just one year. This is a very significant improvement,” said Minister Mohamed Saeed. Minister Saeed also mentioned that when the previous government took office, the country’s financial and economic situation was in a very good position. However, he noted that even without the COVID situation, adequate efforts were not made to attract good investments.
The current government has conducted business forums in six countries so far. These countries are China, UAE, India, Malaysia, Singapore, and the United Kingdom. In India, forums were held in three different 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.
To create a favorable environment for investors in the Maldives, the government has also introduced a new modern Foreign Investment Law. The government says this law ensures protection protection for investors and paves the way for gaining investor confidence.
The new law includes provisions for determining areas open for investment in the Maldives and areas reserved exclusively for Maldivian investment. It also includes a requirement for issuing licenses to investors. Additionally, it includes provisions for the state to take action in case of violation of investment principles.
