Foreign investments approved this year has already passed the USD 1 billion mark, according to Registrar of Companies, Ms Mariyam Visam. Over the past 3 years, each year the Ministry of Economic Developments has approved foreign investments worth commitment of USD 1 billion. This year, due to real estate and construction projects that are underway, the USD 1 billion has already been reached. This USD 1 billion is the amount which foreign investors have committed to the Maldivian government to be mobilized in the next 5 years or during their project period.
Providing further information, Ms Visam also stated that a lot of work has been done to improve and speed up the foreign investment approval procedures. A system has been put in place to review and approve the foreign investments in 3 to 5 days in the general sector and the entire process has been streamlined so the approval is completed in maximum 5 days.
She also highlighted that now the processes are more transparent and people can rely on them, which is why it is becoming much easier for investors to act on their interests. It is expected that there will be a record of growth in investments collectively in tourism and non-tourism sectors during this year.