The Maldives has recorded 108 new foreign investments since December 2023, according to figures shared by the Minister of Economic Development and Trade, Mohamed Saeed, in an interview with state media. The ministry attributes the rise to a series of initiatives launched since the current administration took office in November 2023.
The figure is higher than the average annual rate seen in previous years, although it reflects only the first year of the current administration. Between December 2013 and November 2018, 403 foreign investments were registered, averaging about 81 per year, while the following five years up to November 2023 saw an average of around 80 per year. From November 2007 to November 2013, the total stood at 206 investments, averaging 34 annually.
Officials link the recent growth partly to the government’s strategy of hosting business forums during every state visit by President Dr Mohamed Muizzu. These events, held in countries including China, the United Arab Emirates, India, Malaysia, Singapore and the United Kingdom, are used to promote investment opportunities and present planned socio-economic projects to business leaders.
The ministry also cites reforms to the Foreign Investment Act, revised for the first time in 45 years, as a factor in creating a more investor-friendly environment. Updates to investment frameworks have been aligned with international norms, with the aim of offering greater legal protections and boosting investor confidence.
While noting the improved figures, Minister Saeed also commented on economic challenges, linking them to decisions made under the previous administration during the Covid-19 pandemic.
