The Foreign Investment Bill, aimed at delineating the guidelines governing foreign investments in the Maldives, has been formally introduced in the Parliament.
Manadhoo MP Ahmed Haroon presented this legislative proposal on behalf of the government.
The primary objectives of the bill encompass the delineation of sectors in which foreign investors are permitted to invest within the Maldives. Furthermore, it outlines the procedures for granting investment approvals and licenses, in addition to specifying the responsibilities of investors and the protection measures and safeguards available to them.
The bill also addresses the circumstances under which foreign investment licenses may be withheld or revoked.
The bill incorporates provisions for the state to withdraw its investments in special cases. Such circumstances are outlined as being in the public’s interest or necessary for Maldives’ security and territorial integrity.
Furthermore, the bill highlights the importance of providing appropriate compensation when the state decides to requisition foreign investments.
An additional provision within the bill pertains to the repeal of the existing “Foreign Investment in Maldives Act” upon its successful passage into law.