The Minister of Economic Development, Mohamed Saeed has reiterated that the Maldives’ investment framework is fair and transparent, and formulated towards boosting investor’s confidence.
The minister’s remarks were made while speaking at the Maldives-Germany Business Roundtable in Berlin during the President’s current official visit to Germany.
Minster Saeed highlighted Germany’s role in advancing trade relations at an international level. He reflected on the 60-year strong bilateral ties between the Maldives and Germany. He said since diplomatic ties were established in 1966 between the two states, the relationship between both nations has been advancing in a constructive manner.
The minister said one of the strongest pillars of this diplomatic tie has been the tourism sector. He noted that German companies were one of the first to engage in Maldives’ tourism industry at the very beginning of the island nation’s humble entry in tourism. In 1984 alone, German tourist arrivals in Maldives accounted for 20 percent of the total visitors, he said. He stated this close bond had been established long before Maldives consolidated its place as one of the world’s leading tourist destinations. The minister reaffirmed that Germany has been a close partner for Maldives’ journey in establishing tourism as a key economic driver.
Under President Dr Muizzu’s leadership significant work is being undertaken to develop Maldives economy. Minister Saeed highlighted this and said that while tourism growth is a key objective of the administration, high priority is also given to diversify the economy through a sustainable approach. As such, health, banking and financial services, renewable energy, sustainable infrastructural development and talent development are areas of potential collaboration with German partners, he noted.
The Minister revealed that the investment framework in the country is modern. In this regard, the investment process has been simplified, with strict adherence to investors’ rights through stronger laws and regulations in place. As such, the current investment framework is built on internationally recognised best practices, fair and transparent with the intent of boosting investor confidence in the island nation, the minister asserted.