New foreign investments will introduce innovative products and modern technologies to the Maldives, Minister of Tourism and Environment, Thoriq Ibrahim has said.
Speaking at a panel discussion at the Maldives-Singapore Business Forum, Minister Thoriq pointed out that the incumbent government had put in a lot of effort to create an investor friendly environment in the Maldives.
The Minister said that with the revised Foreign Investment Act after 45 years, the investment frameworks have been brought in line with international norms which has fostered trust and confidence of foreign investors and provided them with the required legal and investment protection.
Along with revenue generation for the Maldives, foreign investments would introduce technical expertise, innovations and modern technologies to the island nation, he said.
As part of ongoing efforts to establish bilateral investment agreements Minister Thoriq revealed that an investment agreement with Singapore is currently being drafted.
"President Dr Mohamed Muizzu's Vision 2040 has been launched. This will facilitate investment in Maldives’ priority areas in the long term," he said.
The Minister also shared initiatives presently underway under the government’s digitalisation policy to facilitate foreign investors, including digitisation of financial transactions and various other services.
The panel discussion was attended by various investors and heads of several renowned companies operating in the Maldives.