The incumbent Administration has successfully attracted 108 foreign investments within an year - a marked improvement from previous years, the Minister of Economic Development and Trade, Mohamed Saeed has revealed.
The government since assuming office in November 2023, has launched several initiatives to create a favourable environment for foreign investments in the Maldives. One of the key highlights of this drive is the hosting of a business forum during President Dr Mohamed Muizzu’s every State visit, designed to share information on investment opportunities and socio-economic projects planned by the government with business leaders of the respective country.
Speaking on PSM News’ ‘Raajje Miadhu’ programme, Minister Saeed hailed the business forums as a major success, highlighting the statistics of registered foreign investments in the Maldives as evidence to back his claim.
Number of foreign investment registered:
November 2007 - November 2013 : 206 investments
December 2013 - November 2018 : 403 investments
December 2018 - November 2023 : 398 investments
December 2023 to present : 108 investments
"Let's say the best period was between 2013 to 2018 with around 403 investments. If you spread them over five years, that is 81 foreign investments per year. Since President Dr Muizzu took office, there have been 108 foreign investments in around one year. So this is a huge improvement,” he explained.
Minister Saeed also criticised the previous administration’s handling of the economy, attributing the Maldives’ current financial strain and rising consumer prices to what he described as "flawed policies" implemented during the Covid-19 pandemic.
The incumbent government has thus far hosted business forums in half a dozen countries including China, the United Arab Emirates (UAE), India, Malaysia, Singapore and the United Kingdom.
These forums have directly contributed to an uptick of investment queries and registered investments in the Maldives, the Ministry of Economic Development and Trade has said.
The government had put in a lot of effort to create an investor friendly environment in the Maldives - 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.