Maldives president approves new FDI act to boost investor confidence, economic reforms

COLOMBO, Sept. 3 (Xinhua) — Maldives President Mohamed Muizzu has approved the Foreign Direct Investment (FDI) Act, which is expected to bring new advantages to the Maldives by aligning the country’s investment framework with the current global climate, state-owned PSM News said on Tuesday.
The previous act had been in effect for 45 years and no longer matched the present-day global investment environment and economic situations, PSM News reported.
The purpose of the new act is to establish guidelines on which sectors foreign investors can invest in within the Maldives, outline the regulations for granting investment permissions, and ensure protections for investors, PSM News said.
Quoting Minister of Economic Development and Trade Mohamed Saeed, PSM News noted that the new law is designed to enhance investors’ confidence in the Maldives and facilitate access to financing from banks and financial institutions.
Saeed added that President Muizzu is committed to implementing significant economic reforms aimed at expanding business opportunities, promoting a sustainable business environment, boosting trade, and facilitating business in the Maldives. ■