Minister of Economic Development, Fayyaz Ismail, has said that the Maldives welcomes foreign investment. He made this statement while speaking at the ongoing Dubai Expo 2020.
Pointing out at foreign investment played a huge role in developing the Maldivian economy, Minister Fayyaz said that more foreign investment was needed to further develop the private sector.
Minister Fayyaz said that policies that would hinder such foreign investment, such as imposing high duties on large projects, would not be enacted by the country. He further stated that legal amendments were beginning to be made, and the Maldives’ Foreign Direct Investment Policy had been amended to improve transparency, to better encourage foreign investment.
He said that the amendments being made by the government to the Foreign Direct Investments Act was being done to facilitate foreign investment in the Maldivian economy.
These changes were being made to secure their investments and to improve investor confidence in the country.
Minister Fayyaz said that the Maldivian economy was growing at a rapid pace and although it had crashed during the pandemic; the economy was recovering quickly.
The Minister also pointed out that work was being done to reduce the country’s over-dependence on the tourism industry.