The Ministry of Economic Development has publicised a notice to foreign parties engaging in business projects to comply with applicable government policies.
This Ministry states that it has been receiving complaints of foreign parties soliciting and engaging in activities that have not been approved under Law No. 25/79 (Law on Foreign Investment).
FDI Policy, enacted on 11th February 2020, stipulates the sectors in which foreigners can engage in, and mandates seeking foreign investment approval prior to carrying out any business activity in the Maldives.
Therefore, the Ministry states that any foreign entity in violation of the FDI Policy will be penalized. The Ministry will also take action against the party who has engaged the foreign entity in the unapproved business activity or project.
If any foreign entity is engaging in any business activity or project that have not been approved, the entity will be blacklisted, and details of the entity will be published on the Ministry’s website.
The current list of foreign direct investments in the Maldives can be found here.