The Maldives has taken a significant step towards modernizing its investment framework with the introduction of a new Foreign Investment Bill in Parliament. Economic Development Minister Mohammed Saeed announced that the bill aims to replace the 45-year-old Foreign Investment Act of 1979 with a more contemporary and robust legal structure.

Minister Saeed highlighted the bill as a crucial update to an outdated law, designed to foster a more attractive investment climate in the Maldives. The new legislation is expected to provide a greener environment for investors, enhance legal protection, and stimulate economic growth.

The Foreign Investment Bill outlines specific areas open to foreign investment and establishes a clear licensing process for investors. Key provisions include comprehensive legal protections and safeguards for investments, a transparent policy framework, and a structured approach for addressing any violations of the law. The bill mandates that investors demonstrate financial capacity and prioritizes market value in investment compensation.

This modernized bill reflects the Maldives’ commitment to creating a favorable investment environment while ensuring investor protection and economic stability. The introduction of the Foreign Investment Bill marks a significant move towards aligning the country’s investment regulations with current global standards.